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India’s UTI Ventures invest in men’s apparel maker

UTI Ventures, a private equity firm based in India, has invested $5.8 million in a local menswear company.

UTI  Ventures, a mid-market private equity firm in India, has invested Rs. 270  million ($5.8m; €4.6m) in Koutons Retail India, a menswear maker and retailer, the company said in a statement.

Koutons, a brand name established in the north and east of India, plans to widen its exposure across the country and increase production. It plans to increase the number of its outlets to 600, from 284, by 2008.

Established in 2000, UTI Ventures raised about $175 million for ‘Ascent India Fund’ which closed in April. The fund provides growth capital to Indian companies and is the second fund UTI Ventures have raised to date.