Business Daily from THE HINDU group of publications
Tuesday, Jul 25, 2006
Business Daily from THE HINDU group of publications Tuesday, Jul 25, 2006 |
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Money & Banking
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Venture Capital
Our Bureau
Kolkata, July 24 State Bank of India has tied up with Softbank of Japan for setting up a $100 million venture capital (VC) fund. This is being billed as amongthe bank's first major initiatives in the VC domain. The tie-up, done through SBI Capital Markets, will lead to a fund aimed significantly at investments in the pharmaceutical sector. This is expected to be followed up by other funds, each with a special focus. "The venture fund has just been worked out very recently in collaboration with Softbank", said Mr T. S. Bhattacharya, MD, SBI, adding that the fund would in course of time come to occupy a niche of its own. He was addressing a meeting organised by FICCI on Monday. SBI Capital Marketshas already underlined the need to enable start-up entrepreneurs with VC support. It has in the past been in negotiations with foreign institutions to take its plans forward.
More Stories on : Venture Capital | Public Sector Banks | Foreign Banks | State Bank of India
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