Government
of India has decided to appoint M/s CANBANK Venture Capital Fund Ltd. (CVCFL)
as the implementation agency which will house the Electronics Development Fund.
The Electronic Development Fund (EDF) is set up as a “Fund of Funds” to
participate in “Daughter Funds” which in turn will provide risk capital to
companies developing new technologies in the area of electronics,
nano-electronics and Information Technology (IT). The EDF would take minority
participation in Seed Funds, Angel Funds and Venture Funds dedicated in this
area.
The
EDF shall invite requests from professionally managed private/public funds for
its participation. EDF participation in a fund may vary depending on the nature
of the fund and risk involved. EDF will support both Indian and foreign funds
which are registered in India and comply with SEBI and other regulations in
this regard.
With
appointment of CVCFL as the agency to implement EDF, the EDF is now operational
and start receiving requests for participation from Seed Funds, Angel Funds and
Daughter Funds.
For
more details, refer website at http://deity.gov.in/esdm/edf
*****
KSP/SS