Maharashtra Govt along with SIDBI & LIC floats Rs 200 cr VC fund for MSMEs

Mumbai, May 6 (KNN) Maharashtra government and Small Industries Development Bank of India (SIDBI) have floated a venture capital with a fund size of Rs 200 crore to ensure credit availability for the MSMEs in the state.

While Maharashtra state has contributed Rs 75 crore for the VC, LIC and SIDBI has contributed Rs 20 crore each for the fund and the balance has been raised from the market.

Talking to the reporters here on Thursday, Apurva Chandra, Principal Secretary (Industries) of Maharashtra said, "In our bid to ensure that MSMEs within the state continue to get financial support, the state government in association with SIDBI has floated a venture capital having a size of Rs 200 crore some time back.”

"We are ready to increase the fund size of the VC whenever it is required in the future," he said adding so far Rs 10 crore has been disbursed to MSMEs within the state.

He was speaking on the side-lines of an event during which Maharashtra Government and Autodesk had signed a MoU.

In April, SIDBI had signed a memorandum of understanding with the Life Insurance Corporation of India to supplement funds under its fund-of-funds operation that aims to provide venture capital for medium and small enterprises. (KNN Bureau)