TN to set up Rs 500 crore venture capital fund

Tamil Nadu Government is planning to set up a Rs 500 crore venture capital fund which would be managed by industry experts, said a senior official from the state MSME Department.

Mangat Ram Sharma, Principal Secretary, Department of MSME, Tamil Nadu said that during discussions with stakeholders on the government-sponsored VC fund, concerns were raised on whether the government should run it.

He was speaking at CII Startupreneurs 2017, a conference organized for start-ups. The State government will provide money for the fund, which can start with Rs 50 crore or Rs 100 crore and gradually increase it to Rs 500 crore, he added. “We don’t want to manage the fund as we are too conservative and cannot run it. We want it to be managed by professionals,” he said.

Sharma said a global annual sourcing fair on the scale of the Global Investors Meet is being planned to be held in Chennai to provide both domestic and international companies a platform. The department will spend Rs 10 crore a year on this, he said.

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