The State Small Industries Development Bank of India (SIDBI) opened a fund of funds on Tuesday with an initial capital of 20 billion rupees ($ 306 million) to help finance the creation of local businesses.
Life Insurance Corp of India, the country's largest insurer, will partner with India Aspiration Fund, and co-invest with SIDBI in venture capital funds, officials said.
Indian start-ups, especially those in e-commerce, have attracted billions of dollars from foreign investors. Foreign capital was welcome, said Jayant Sinha, Minister of Finance, but the local venture capital needed to be strengthened to help fund the creation of other e-commerce companies abroad.
He said the fund of funds can raise capital to "as necessary".
($ 1 = 65.4316 Indian rupees)
(Reporting by Devidutta Tripathy and Himank Sharma, published in Spanish by Larry King)
Life Insurance Corp of India, the country's largest insurer, will partner with India Aspiration Fund, and co-invest with SIDBI in venture capital funds, officials said.
Indian start-ups, especially those in e-commerce, have attracted billions of dollars from foreign investors. Foreign capital was welcome, said Jayant Sinha, Minister of Finance, but the local venture capital needed to be strengthened to help fund the creation of other e-commerce companies abroad.
He said the fund of funds can raise capital to "as necessary".
($ 1 = 65.4316 Indian rupees)
(Reporting by Devidutta Tripathy and Himank Sharma, published in Spanish by Larry King)
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