The Hindu Business Line : Rs 400-cr Green Fund being set up

Energy efficiency: (From left) Mr Francois Binder, Country Director, Swiss Agency for Development and Cooperation, India, exchanging documents with Mr S. Raghupathy, Senior Director and Head - CII-Godrej GBC, as the Switzerland President, Ms Micheline Calmy-Rey, looks on in Hyderabad on Tuesday.

Our Bureau

Hyderabad, Nov 6 The CII-Godrej Green Business Centre (CII-GBC) has joined hands with several banks and private investors to set up a Rs 400-crore Green Fund in the next three years to support green entrepreneurs.

A steering committee has been formed to guide New Ventures India which is aimed at providing funds to small-and medium-enterprises that have technologies and ideas to develop energy-saving products.

“But often, they do not have enough funds to translate these ideas into reality,” Mr S. Raghupathy, Head of CII-GBC, said.

“The fund will have Rs 100 crore by 2008 and Rs 350- 400 crore by 2010,” he added.

Dr Nachiket Mor, President of ICICI Foundation, heads the steering committee of the New Ventures India.

Ms Micheline Calmy-Rey, President of Switzerland, visited the centre here on Tuesday.

The consortium of banks and investors included Deutsche Bank, Canara Bank, Kotak Mahindra Bank, YES Bank, SIDBI, Exim Bank, Indian Venture Capital Association and Rabo India Finance Private Ltd and these firms are represented by their senior executives.

Contributions to the fund would be on voluntary basis by the members and other investors. The CII-GBC would act as a facilitator between the banker and entrepreneur.

“We will help entrepreneurs in selling their ideas to the investors,” Mr Raghupathy said.

Hopes on free trade pact

Switzerland is optimistic about concluding the free trade agreement with India as soon as possible in order to improve economic-and trade-relations. Addressing an interactive session at CII’s Green Business Centre here on Tuesday, Ms Micheline Calmy-Rey said that a framework for bilateral agreement was being consolidated and discussions were on to finalise the agreement.

Agreement

Swiss Agency for Development and Cooperation (SDC), the international cooperation agency of Switzerland, signed a memorandum of understanding with GBC. As per the agreement, SDC would partner with GBC on initiatives in energy efficiency, renewable energy, environment, green buildings and water management.

The MoU also sought to establish a joint consultative mechanism to prepare plans of action in those areas.