Bangalore based UTI Venture Funds (UVF), the Private Equity arm of Unit Trust of India (UTI) group, has made a private equity investment worth USD six million in Vallabhdas Kanji Limited through its Ascent India Fund.
With a 2006-07 expected turnover of Rs 150 crore, slated to cross Rs 300 crore by end 2008, VKL is part of the Rs 500 crore Kanji Morarji Group, that includes Kancor Flavours and Extracts and Auto Hangar (India).
The company is led by Mr. Ajay Mariwala, Managing Director, who is a Chemical Engineer from Purdue University, USA and a Management graduate from the Sloan School of Management, Massachusetts Institute of Technology, USA. Headquartered at Kochi, Kerala, Vallabhdas Kanji Ltd (VKL) is Asia's largest spice processor and India's largest exporter of value-added spices.
Commencing its operation in 1935 as a whole spice trader, VKL has been a pioneer in global spice trade and a company credited with establishing standards in black pepper that are still the global reference. Today, VKL has grown to be a globally competitive, dominant and professionally managed enterprise, with a clientèle that spans 40 destinations in 30 countries and includes several Fortune 500 companies.
