http://ibnlive.in.com/generalnewsfeed/news/dalit-industry-body-to-set-up-rs-500cr-venture-capital-fund/933734.html
Dalit industry body to set up Rs 500cr venture capital fund
PTI | 09:12 PM,Dec 16,2011
Mumbai, Dec 16 (PTI) 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. 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 raising funds."
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