AHMEDABAD: HarishPattnaik, executive director and member of board of directors of Gujarat Venture Fund Limited (GVFL) is the new Managing Director of the company, said a company statement. Pattnaik was recently managing Golden Gujarat Growth (3G) Fund. He will take charge from company CEO MihirJoshi, who was holding the additional charge of MD.
Pattnaik has experience in Banking and Finance. He was the Chief General Manager of SBIBSE -0.36 % in Gujarat from 2006 - 2009 during which State Bank of Saurashtra (SBS) was merged with SBI and the Gujarat circle opened more than 250 new branches and recruited around 5000 people during this period.
Dr. Harish Pattnaik had joined GVFL as the executive director and launched the Golden Gujarat Growth Fund (3G Fund), an infrastructure & clean energy focused fund. Even after becoming MD of GVFL, Pattnaik will continue as the CEO of the 3G Fund, that received Rs. 400 crore commitment from investors, including Rs 200 crore from Gujarat Govt.
"The fund is in the process of raising another Rs 600 crore from overseas investors to make the fund corpus Rs 1000 crore. In the meanwhile, the fund has started investing from the existing corpus. It has since approved 2 investments in alternate energy i. e. wind energy sector and 2 investments in the urban and industrial infrastructureBSE 3.24 % sector," said the statement.
The fund has invested in a private industrial park in Gujarat, which has recently obtained the requisite State Govt. approvals" informed Dr Harish Pattnaik
The focus of the 3G Fund is (i) alternate energy (ii) urban and industrial infrastructure (iii) clean technology. The Fund is a Pan India Fund with focus in Gujarat.