Bhubaneswar, Sept 10 A venture capital fund by the name of Odisha MSME Fund for an outlay of Rs 100 crore will be launched soon. It will provide marketing and infrastructural developmental support to micro, small and medium units in the state, reports media.
A MoU to this effect has been signed by the Department of MSME, Government of Odisha and Ahmedabad based GVFL Advisory Services Private Ltd.
It was signed by Secretary MSME Panchanna Dash and Director and CEO, GVFL Harish Chandra Pattnaik in presence of Chief Secretary of Odisha Gokul Chandra Pati.
Towards the Fund, a total of Rs 50 crore will be invested by the Government of Odisha while the balance will be raised from banks, insurance companies, financial institutions and the central government.
As per the agreement, an asset management company called ‘Odisha Alternate Asset Management Company’ a SEBI registered professionally managed company will manage the venture capital funds in the state.
Over a span of 6 six years, the fund will invest in sectors like IT/ ITES, biotech, clean energy, clean tech, healthcare, education etc.
GVFL Limited (formerly Gujarat Venture Finance Limited) is widely regarded as pioneer of Venture capital in India. It is an independent, autonomous Board managed venture finance company based in Ahmedabad, Gujarat, India.