SIDBI allots Rs 10,000 cr for tech cos

NEW DELHI: Triggered by the government’s move to allocate more than Rs 10,000 crore fund for the medium sized businesses, the Small Industries Development Bank of India (SIDBI) is looking forward to funding telecom and the technology driven companies in India.

SIDBI DGM, Paritosh Gupta informed this while speaking at a Nasscom organized seminar on ‘Financing SME growth business’ in India. "We have Rs 10,000 crore fund to provide assistance to medium sized companies and as telecom is one of the vibrant areas today and the government has given three years to invest all this. We are actively looking forward to investing in this as well as technology driven companies," he added.

He also reiterated the importance of the growth of technology and knowledge based industries in the region. "Knowledge based industries are growing fast and mostly the global way, so the government is quite supportive of growing this segment in the country," he explained.

Explaining the over-all focus on knowledge-based industries, he said that areas like infrastructure related services, telecom, biotech, pharma and other outsourcing services hold the key to take India’s knowledge based industries globally.

SIDBI also plans to increase the corpus of its venture capital fund -- India Growth Fund -- to Rs 500 crore from the present Rs 100 crore. The fund would invest in equity of companies and enable them to carry out expansion.

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