DIMAPUR, AUGUST 19 (MExN): The North Eastern Development Finance Corporation Ltd (NEDFi) in collaboration with the Ministry of DoNER, is setting up the North East Venture Fund (NEVF), a dedicated venture capital fund for the North Eastern Region. A press note from the NEDFi Dimapur informed that the size of the fund will be Rs 100 crores which will be contributed by M-DoNER (Rs 45 Cr.) and NEDFi (Rs 30Cr.). The balance amount of Rs.25 Cr. will be raised from other financial institution(s). In this connection, NEDFi has already set up two wholly owned subsidiary companies viz., NEDFi Trustee Ltd and NEDFi Venture Capital Ltd to operationalise the Venture Fund which is expected to be launched by October, 2016, after the same is registered with SEBI. The investment focus of the Venture Fund will be in early and growth stage investments mostly in the fields of IT & ITES, Food processing, Healthcare, Tourism, Retail and Aggregation of Services. It further informed that the NEVF will invest in areas such as development of new products and services, technological up gradation, expansion or diversification, process improvement and quality improvement with the purpose of creating value for all stake holders.
