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2014-09-10

Odisha launches Rs 100 crore fund to support MSMEs

An MoU was signed between the MSME Department and Ahmedabad-based GVFL Advisory Services Private Limited for launching the venture capital.

The State Government has decided to launch a venture capital fund, ‘Odisha MSME Fund’, with a corpus of Rs 100 crore for providing marketing and infrastructure development support to MSMEs.
 
 
While the State Government will invest Rs 50 crore in the fund as sponsor, the balance amount will be raised from banks, insurance companies, financial institutions and the Central Government.  
 
 
A new asset management company will be created to manage venture capital funds to be created from time to time. The first fund to be managed by the company will be ‘Odisha MSME Fund’. It will be a close ended fund with a life of six years. The fund will invest in equities and equity linked instruments in all sectors including IT/ITES, biotech, clean energy and technology, healthcare and education.
 
 
An MoU was signed between the MSME Department and Ahmedabad-based GVFL Advisory Services Private Limited for launching the venture capital.
 
 
The GVFL Ltd will provide consulting services for formation of various companies, trusts, SEBI registration, preparation of legal documents and initial functioning of the asset management company.
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