Dalit industry body to set up Rs 500cr venture capital fund
PTI Dec 16, 2011, 11.24pm IST
MUMBAI: With a view to provide financial assistance to budding Dalit
entrepreneurs and also to encourage innovation, the Dalit Indian
Chamber of Commerce and Industries (DICCI) has decided to create a
venture capital fund with a corpus of Rs 500 crore.
"We plan to create a venture capital fund to provide financial
assistance to Dalit entrepreneurs and also to encourage innovation. To
start with, we will be raising around Rs 500 crore," DICCI Chairman
Milind Kamble told reporters on the sidelines of a trade fair
organised by the industry body here today.
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The industry body plans to set up a special purpose vehicle (SPV) for
creating the fund, he said, adding "we have submitted a proposal to
the Securities and Exchange Board of India (SEBI) in this regard."
"We expect the procedure to be completed soon and in the next
six-eight months we will be ready with the fund," Kamble maintained.
Asked about the source of funding he said, "Companies like Tata
Capital, Forbes, Godrej, Thermax, ICICI have offered to provide
financial assistance. Besides, the (DICCI) members will contribute to
the fund. We are also in talks with other financial institutions for
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