Department of Electronics & Information Technology and M/s. Canbank
Venture Capital Fund Ltd will Launch Electronics Development Fund (EDF) on Monday
in Mumbai. Shri Ravi Shankar Prasad, Hon’ble Minister for Communications &
Information Technology” will formally announce the launch with handing over of
the letter of commitment to the first group of Daughter Funds under EDF.
The Electronics Development Fund Policy was launched by Hon’ble
Prime Minister of India, Shri Narendra Modi, during the inauguration of Digital
India Week on 1st July 2015.Government of India has appointed
M/s. CANBANK Venture Capital Fund Pvt. Ltd. (CVCFL) to house
Electronics Development Fund (EDF) on 04.09.2015.
Electronics Development Fund (EDF) an initiative of
IT Department is formulated 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 target beneficiaries
of the EDF will be Daughter Funds (set up to achieve the objectives of the EDF
policy) registered in India and abiding by the relevant rules and regulations
including the SEBI regulations on Venture Funds.
The
corpus of a Daughter Fund will be determined by market requirements and the
capacity of its Fund Manager to cater to the requirements of the Fund. The
supported Daughter Funds will promote innovation, R&D and product
development within the country in the specified fields of electronics, nano-electronics
and IT. They will also support acquisition of foreign companies and
technologies for products imported in India in large volume. The core focus of
the Daughter Funds would be to develop domestic design capabilities. The
Daughter Funds supported will create a resource pool of IP within the country
in the specified fields.
EDF
therefore enables creation of an ecosystem for providing risk capital to both
industry and academia to undertake research and development in these technology
areas. It will, in the process, enrich the intellectual property in the country
and encourage more entrepreneurs towards product and technology development.
Details
at http://deity.gov.in/esdm/edf
NNK/MD