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 Funds
> National Level
National
Venture Fund For Software and IT Industry (NFSIT)
At the national level a Rs. 1000 million (US$ 22.22 million) National
Venture Capital Fund for Software and IT industry (NFSIT) has been
set up by SIDBI and is being managed by SIDBI Venture Capital Ltd.
- SIDBI
has contributed Rs. 500 million (US$ 11.11
million).
- Ministry
of Information Technology, Government of India Rs. 300 million
(US$ 6.67 million).
- Rs.
200 million (US$ 4.44 million)
by IDBI.
- NFSIT
has been launched by the Hon'ble Prime Minister of India, Shri Atal
Behari Vajpayee on December 10, 1999.
The
basic idea of mooting this national fund is that:
- The
focus of the fund primarily be in small scale units in the growing
IT industry and related businesses such as networking, multimedia,
data communication and value added telecommunication services.
- A
portion of the Fund could be earmarked for incubation projects
which are of high risk in nature and development of products,
evaluation of which would require high degree of expertise including
international linkages.
- It
will help in arranging strategic alliances with overseas IT
units including those setup by Non-Resident Indians (NRIs).
- The
Investment objective of the fund will be to meet the total fund
requirements of the IT units to enable them to achieve rapid
growth rates and maintain their competitive edge in the international
markets.
- Investment
may spread across the focus sector in the area of new projects,
expansion and diversification and product development efforts.
- The fund is presently in the divestment stage.
1 US$
= Rs. 45.00 (approx).
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