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Tuesday, June 26, 2012

SIDBI Venture Capital closes India Opportunity Fund

Development bank 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,” said Mr S Muhnot, Chairman and Managing Director, SIDBI.

Small Industries Development Bank of India (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 development bank’s second fund, SME Growth Fund, has a corpus of Rs 500 crore and is at present under divestment phase.

Talking about SIDBI, Mr Muhnot said, 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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