Indian Government To Announce VC Fund With TiE And ISB

The Indian Government is expected to float a seed fund, with an initial corpus of Rs. 75 crores from the Ministry of Science and Technology, reports Business Standard. The government is expected to rope in The Indus Entrepreneurs (TiE) and the Indian School of Business (ISB) for the fund – with the businesses incubated at ISB, and with TiE bringing in VCs for further investment. The framework will be finalized by March 2008, says AS Rao, adviser to the Department of Science and Technology. This news comes close to the TiE-ISB Connect conference in Hyderabad next month (we’ll be covering it), so we should probably expect an official announcement then.

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