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2011-07-25

SMEs to get 10 cr from KITVEN for development

State-owned Karnataka Information Technology Venture Capital Fund (KITVEN) is floating a special purpose fund for SMEs with a corpus of Rs 10 crore in order to accelerate their growth in the state.

State-owned Karnataka Information Technology Venture Capital Fund (KITVEN) is floating a special purpose fund for SMEs with a corpus of Rs 10 crore in order to accelerate their growth in the state.

An application has been made before Securities & Exchange Board of India (SEBI) for formal clearance and registration, which, is expected by month-end.

The objective is to invest in new and upcoming SME units specially catering to niche areas of clean energy, aerospace engineering, automobile components, new products and applications, which are some of high growth potential sectors identified by the state government for prospective entrepreneurs in order to woo investments.

The corpus is subscribed by Karnataka State Industrial Investment & Development Corporation Limited, Karnataka State Financial Corporation and Karnataka Small Scale Industries Development Corporation, equally.

Funding will be for SMEs and entrepreneurial projects which show promise of manufacturing potential and need VC funding to kick start the venture and grow into large size entity over a period of time.

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