Saturday, December 19, 2015

#Canbank Venture Capital Fund (CVCFL) invests Rs.25 cr in #Bioneeds

Canbank Venture Capital Fund Ltd (CVCFL) has invested Rs 25 crore by way of equity shares and convertibles to acquire a minority stake in Bioneeds India Private Ltd,.The investment has been made through CVCFL’s Emerging India Growth Fund,.

Bioneeds will use the money to fund its expansion plan amounting to Rs 30 crore. The expansion programme will lead to addition of 1,20,000 sq ft of facility, of which 55,000 sq ft will be added immediately.Bioneeds is setting up biopharma discovery labs and other labs. It is also in the process of employing additional 75 scientists.