Skanray Technologies confirmed that the company is set to put up INR70 crore in its first growth capital funding. Skanray Technologies is a medical devices company based in Mysore, Karnataka. The company suggested that it would use the fresh capital to obtain key targets in European companies. The company also plans to set up a design lab in Europe, sources close to the deal said.

A sizeable investor in Skanray and a promoter of Strides Arcolab, Arun Kumar, is said to be spearheading the fund raise, according to the sources. Skanray, they said, is currently in the closing stages of discussions with Ascent Capital. Ascent Capital manages US$600 million throughout three funds.

Managing Director of Skanray, Vishwaprasad Alva, confirmed to media that the firm was indeed talking to several private equity companies to raise funds.  Vishwaprasad Alva is also one of the key promoters of the company. Alva, however, declined to comment on Ascent's interest in Skanray.

"We are still debating whether we should go with PE funds or raise resources on our own to fuel our expansion plans. We should be finalising that call pretty soon," Alva said.