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Punjab to set up venture capital
fund
WSN Network
Punjab
Government is reportedly setting up a venture capital fund in
collaboration with private companies with an intention of providing
financial assistance to new ventures in the state.
Punjab already
has a Rs 20 Cr, IT dedicated Punjab Infotech Venture Fund. "We are
in the process of setting up a venture capital fund in which state
as well as private companies will be putting in money to give funds
for setting up new projects coming up in the state," Punjab,
Principal Secretary, Industry and Commerce, S.S. Channy told
reporters.
He further stated that the said fund would be managed by
the private companies while adding that the government had sought
Expression of Interest from the consultants to suggest ways of
making it operational.
There are a
number of state governments, including Andhra Pradesh, Kerala,
Punjab, Karnataka and Rajasthan, are now actively extending seed
capital for new businesses through dedicated venture capital funds,
most of which aim at promoting start-ups in new economy sectors such
as IT, biotechnology, tourism and retail in their respective states.
The trendsetter in this field is Gujarat Venture Finance Limited,
also regarded as the pioneer of venture capital in India, which
raised five funds to the tune of Rs, 136.2 crore and also announced
a ten year close ended $22 M SME fund.
14 January
2008
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