Gujarat Venture to launch 000-cr infra fund in Jan

Gujarat Venture to launch 000-cr infra fund in Jan

Ahmedabad: Gujarat Venture Finance Ltd (GVFL) said Wednesday that it will launch an infrastructure development fund with a corpus of Rs1,000 crore.

Golden Gujarat Growth Fund Series-I will be launched in January, the Gujarat government’s venture capital arm said.

“This Sebi registered fund will focus on making investments in high-end SMEs and mid-corporate firms in the infrastructure domain, alternate energy sector, and clean and green technology," GVFL executive director H C Pattnaik told PTI.

Launch of this all-India fund has been synchronised with the Vibrant Gujarat Investor Summit-2011, a biennial event of the state government which will be held in January.

“The Gujarat government’s contribution will be 20% in this fund; 10% each shall come from an anchor bank and anchor industry respectively, while the remaining 60% will be raised from the domestic and foreign institutions," Pattnaik said.

“We have approached financial institutional investors like Sidbi, Asian Development Bank, LIC, General Insurance Company, besides IFC Washington and a few private equity funds to raise 60% of the corpus," he said.

GVFL has got all the in-principle approvals for the fund, and is now awaiting final nod from the State government, Pattnaik said.