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Small Industries Development Bank of India (Sidbi) chairman and managing director R M Malla told Business Standard that the sponsors were in talks with other players to set up the fund. “We are trying for 60 per cent domestic participation,” he said.
Sidbi Venture Capital Chief Executive Officer Ajay Kumar Kapur said the proposed fund — likely to be called India Opportunities Fund and operational over the next few months — will focus on auto components, food processing and agri products. He, however, refused to disclose details about potential partners, saying discussions were still underway. Kapur said the fund will announce an investment in a clean technology company by the end of July and may also put money into two manufacturing companies. The India Opportunities Fund will invest in medium scale enterprises and those that graduate beyond this stage, besides small scale units, Malla said. This will be the third fund to come from Sidbi Venture Capital. Sidbi's venture capital arm had first launched a Rs 100 crore fund focused on small scale IT and IT-enabled services companies. The National Fund for Software has invested in 31 companies. It subsequently established the Rs 500 crore SME Growth Fund that has invested in over 20 companies. |
Source: Business Standard