The Small Industries Development Bank of India (SIDBI) on Monday said its venture capital subsidiary has closed Rs 600 crore, India Opportunity Fund.
The Small Industries Development Bank of India (SIDBI) on Monday said its venture capital subsidiary has closed Rs 600 crore, India Opportunity Fund.
“SIDBI Venture Capital has got fund commitment from various investors including domestic banks and insurance companies. The Rs 600 crore, India Opportunity Fund would be operational soon,” Sushil Muhnot, Chairman and Managing Director, SIDBI told reporters.
SIDBI has committed to contribute 30 per cent or Rs 180 crore to the corpus India Opportunity Fund Series I, he said. The fund would focus on development of the micro, small and medium enterprises (MSME) sector.
SIDBI Venture Capital has two funds since its inception. The first one, the National Venture Fund for Software and IT Industry had a corpus of Rs 100 crore. The second one, SME Growth Fund, has a corpus of Rs 500 crore and is at present under divestment phase.
Muhnot further stated that the financial institution is working on a new business model in consultation with the government. The financial institution would focus on three core areas including energy efficiency project, receivable finance and lending to services sector.
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