"We liked the entrepreneurial drive of the promoters who have built a successful and profitable business. Axis PE funds will enable them to scale up to become one of the top players in the water/sewage segment in the next few years," Axis PE's Managing Director Alok Gupta said in a release here.
VIS has a manufacturing facility near Hyderabad for production of pre-stressed concrete, reinforced concrete and mild steel pipes.
Axis PE, an arm of Axis bank, is mandated to manage the private equity funds for the private-sector bank. It announced the first closure of Axis Infrastructure Fund at Rs 600 crore. The fund targets to raise Rs 2,000 crore.
Axis PE has invested over Rs 260 crore in Harish Chandra (India) Ltd, Neesa leisure Ltd and Corrtech International Pvt. Ltd last month, the release said.