SRI fund to help 5,000 MSMEs: MSME Minister Rane

New Delhi, Feb 7 (KNN) As many as 5,000 micro, small, and medium enterprises (MSMEs) are likely to benefited from the Self Reliant India (SRI) fund, the MSME Minister Narayan Rane has said. 

The SRI fund has a grand outlay of Rs 50,000-crore which was announced by Finance Minister Nirmala Sitharaman in May 2020. 

Equity investment in MSMEs, listing on stock markets will be done once the fund starts with the operation. 

The operation of the fund will follow a mother-fund and daughter-fund structure.

NSIC Venture Capital Fund Limited (NVCFL) will implement the scheme and a commitment of Rs 1,080 crore has been approved so far, said MSME Minister Rane. 

He said this in a written reply in the Lok Sabha last week.

The government is the mother fund with initial budget support of Rs 10,000 as the chief investor. 

As per the guidelines of the scheme, the remaining 80 per cent of the Rs 50,000 crore fund will come from daughter funds that will raise capital from outside sources such as banks, financial institutions, HNIs, venture capital and private equity investors, institutional investors, public sector units, pension funds, foreign developmental institutions, etc.

MegaDelta Fund I, Carpediem Capital partners Fund II, BanyanTree India Growth Capital Fund, Stakeboat Capital Fund II, SVL-SME Fund (Neev II) are presently the five daughter funds. (KNN Bureau)