Textile & other sectors to get funding through Bharat Nirman Fund
07 Nov '05
1 min read
M B N Rao, Chairman & Managing Director, Canara Bank
A new fund with a corpus of Rs 55 crore has been launched by Canbank Venture Capital Fund with participation of five other public sector banks and Small Industries Development Bank of India (SIDBI).
The corpus will be fund auto and auto components, biotechnology, engineering, healthcare, pharmaceuticals, textiles, IT/ITeS/BPO, telecom, infrastructure-led sectors and domestic-demand driven segments
Under the corpus Bharat Nirman Fund, the other contributors are Allahabad Bank, Corporation Bank, Indian Overseas Bank, Oriental Bank of Commerce and Vijaya Bank.
M B N Rao, Chairman and Managing Director of Canara Bank informed reporters that with an eight-year maturity, Bharat Nirman Fund, might be raised up to Rs 100 crore at a later stage.
He also said that the venture capital investment in India will grow to $11.10 billion by 2008.
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