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Jan 18, 2012, 08.35 PM IST | Source: PTI

SIDBI Venture Capital Fund to invest Rs 50-60 cr in 2012

SIDBI Venture Capital Fund to invest Rs 50-60 cr in 2012

Mumbai, Jan 18 (PTI) SIDBI Venture Capital Fund is planing to invest around Rs 50-Rs 60 crore in the current calendar year from its recently-raised second SME fund, a top company official said today. "We are planning to invest around Rs 50 crore-Rs 60 crore in 2012 out of the recently-raised 'India Opportunity Fund'," Chief Executive Officer of SIDBI Venture Capital Ananta P Sarma told PTI here. He said companies working in services segment would be on the radar of the venture capital arm of Small Industries Development Bank of India (SIDBI) this year. "Service provider to all sectors like oil and gas, hospitality, and textile industries among others, are on our radar, and we are hopeful of closing around three-four deals in the near future," Sarma said. The fund house recently closed its first round of fund raising named 'India Opportunity Fund', which will invest in SMEs across sectors. "We have closed the first round of fund raising for the 'India Opportunity Fund' and have committment of Rs 570 crore," he said, adding the rest of the fund value of Rs 430 crore will be raised by August. SIDBI Venture Capital had two funds since its inception. The first, National Venture Fund for Software and IT Industry, has a corpus of Rs 100 crore. The second, SME Growth Fund, has a corpus of Rs 500 crore and is currently under divestment phase. "We have already divested around 40 per cent from our first SME fund and have an average return of around 25 per cent from these divestments," he said. (MORE) PTI DM AP RSY

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