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2013-06-19

SIDBI to invest Rs 1K cr in small business to pick equity stakes

Small Industries Development Bank of India (SIDBI) on Tuesday said that it will invest up to Rs 1,000 crore to pick up equity stakes in small businesses this fiscal.

Small Industries Development Bank of India (SIDBI) on Tuesday said that it will invest up to Rs 1,000 crore to pick up equity stakes in small businesses this fiscal.

Sushil Muhnot, Chairman and Managing Director, SIDBI told media persons that through their three funds, SIDBI plan to invest Rs 1,000 cr this fiscal.

Muhnot said that since the launch of the equity product last August, SIDBI has invested Rs 415 crore in 40 companies and 10 funds supporting small businesses (acting as a fund of funds).

For this fiscal, it will invest Rs 750 crore from the Rs 5,000 crore corpus given by the government for such businesses, while Rs 125 crore each will be used from India Opportunities Fund and Samruddhi Fund, respectively, he told reporters.

SIDBI registered a 45 per cent growth in specialised financing products like equity to Rs 9,155 crore against Rs 6,321 crore a year ago. “The growth in this segment will continue to be higher in the coming years,” said Muhnot.

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