North East Venture Fund being set up

Itanagar, Aug 21 (PTI) To encourage start-up venturesin the northeast region, the NEDFi in collaboration with theMinistry of DoNER, is setting up the "North East VentureFund", a dedicated venture capital fund for the region. The size of the fund would be Rs 100 crore which wouldbe contributed by M-DoNER (Rs 45 crore) and NEDFi (Rs 30crore). The balance amount of Rs 25 crore would be raised fromother financial institution(s). In this connection, NEDFi has already set up twowholly-owned subsidiary companies viz. NEDFi Trustee Ltd andNEDFi Venture Capital Ltd to operationalise the venture fundwhich is expected to be launched by October, 2016, after thesame is registered with SEBI, an official release said. The investment focus of the Venture Fund will be inearly and growth stage investments mostly in the fields of IT& ITES, food processing, healthcare, tourism, retail andaggregation of services. North Eastern Development Finance Corporation Ltd (NEDFi)has been playing a proactive role in entrepreneurshipdevelopment in the north eastern region, providing handholdingsupport like capacity building, market linkages and advisory/mentoring services to entrepreneurs including the much neededfinancial assistance to first generation entrepreneurs atconcessional rate of interest, the release added. PTI UPL MMMKJ