[ZESTCaste] First Dalit venture capital fund likely by August

http://www.thehindubusinessline.com/industry-and-economy/article2723925.ece?homepage=true&ref=wl_home

First Dalit venture capital fund likely by August
Our Bureau

The country could see its first Dalit venture capital fund of Rs 500
crore by August.

Dalit entrepreneurs are in the process of getting clearances from the
Securities and Exchange Board of India for setting up the fund.

The fund is being registered under a special purpose vehicle of the
Pune-based Dalit Indian Chamber of Commerce & Industry (DICCI).

Mr Milind Kamble, Chairman of DICCI, told media persons on the
sidelines of DICCI trade fair on Friday that the fund would be set
with contributions from established Dalit businessmen and corporate
houses.

Currently, DICCI is seeking subscription from Indian companies but in
future, foreign companies would also be able participate, he said.

"Business houses like Tata Group, Thermax, Godrej, and Forbes Marshall
are keen to help DICCI in setting up the fund. The fund will provide
financial support to companies who have new and innovative ideas. A
number of companies including a pipe manufacturing unit have
approached DICCI for funds," Mr Kamble said.

Also addressing the media, Mr Adi Godrej, Chairman of the Godrej
Group, said that the business development achieved by Dalit
entrepreneurs is very impressive; they have a good momentum and it
should be further encouraged.

Development of venture capital funds will help the Dalit businessmen
in the long run, he said.

On the issue of reservation for Dalits in the private sector, Mr
Godrej said the job reservation is not the solution. The best option
is to let free enterprise grow.

The corporate social responsibility programmes of business house
should be used for the development of the Dalits. "It will help
achieve much more development than job reservations," he said.

rahulw@thehindu.co.in

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