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Ahmedabad, July 17

GVFL Ltd, India’s pioneer venture capital company, on Tuesday announced to enhance its existing fund portfolio by setting up a Rs 250-crore SME Technology Venture Fund (SMETVF) and another Rs 50 crore Tourism Fund, by 2010. For the first time, GVFL will scout abroad to mop up Rs 200 crore for the SMETVF, while raising the remaining Rs 50 crore domestically. For the SMETVF, the company is talking to a dozen investors who have evinced interest, the GVFL Managing Direct or, Mr Visnhu Varshney, told a news conference here today. The Tourism Fund will be set up in association with the Gujarat Government. Besides, GVFL also plans to increase the corpus of its Gujarat IT Fund from Rs 29 crore to Rs 50 crore. This year, it plans two more investments from the IT Fund and another two investments in biotech firms from Gujarat Biotechnology Venture Fund.

— Our Bureau

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