ASK Pravi Private Equity Opportunities Fund has purchased a minority interest in children's clothing maker Indian Clothing League Pvt Ltd in a deal valued at INR50 crore ($8.08 million). The said fund is being managed by ASK Pravi Capital Advisors Pvt Ltd, according to VC Circle.
This is Indian Clothing League's first funding raise. The company will use the cash to beef up its manufacturing capacity and market reach, said the report which cited The Economic Times.
Indian Clothing League was incorporated in 1987. The firm sells its product under the brands 612 Ivy League and Baby League via the Shoppers Stop, Reliance Retail, other multi-brand stores, and some online sellers, the report detailed.
This is ASK Pravi's second investment within the last six months. In August, the private equity fund acquired a minority stake in Omni Hospitals for INR60 crore ($9.8 million), the report said.
ASK Pravi Capital Advisors managing partner Jayanta Banerjee said: "We will look to make between seven and eight investments up to 2016, from the fund."
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