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The Telangana government has tied up with investment funds and others for a commitment of ₹60 crore for a ₹600-crore private equity fund it is planning to set up.
Small Industries Development Bank of India will manage the fund that is being established under public-private partnership.
The PE fund is part of the government’s plan to build a start-up friendly ecosystem in the State. In the first phase, the government plans to build a corpus of ₹100 crore.
“The State government has put in ₹20 crore, with other investors agreeing to contribute the remaining ₹40 crore. We are in talks with other PE funds and financial institutions for the remaining ₹40 crore for Phase-I. We are confident of reaching the target in the next few weeks,” Telangana IT Secretary Jayesh Ranjan told BusinessLine .
State IT Minister Rama Rao said the government will not interfere in the day-to-day functioning of the PE fund.
The government will also set up a rural arm of T-Hub (Hyderabd-based technology incubator) at Nizamabad with the help of Deshpande Foundation’s Sandbox.
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