Indian Minister for Telecom & IT to Launch Electronics Development Fund (EDF)
The Electronics Development
Fund Policy was launched by Hon’ble Prime Minister of India, Shri Narendra
Modi, during the inauguration of Digital India Week on 1st July
2015.Government of India
has appointed M/s. CANBANK
Venture Capital Fund Pvt. Ltd. (CVCFL) to house Electronics Development Fund
(EDF) on 04.09.2015.
Fund (EDF) an initiative of
is formulated as a “Fund of Funds” to participate in “Daughter Funds” which in
turn will provide risk capital to companies developing new technologies in the
area of electronics, nano-electronics and Information Technology (IT). The target beneficiaries of the EDF
will be Daughter Funds (set up to achieve the objectives of the EDF policy)
registered in India and abiding by the relevant rules and regulations including
the SEBI regulations on Venture Funds.
The corpus of a Daughter Fund will be
determined by market requirements and the capacity of its Fund Manager to cater
to the requirements of the Fund. The
supported Daughter Funds will promote innovation, R&D and product
development within the country in the specified fields of electronics, nano-electronics
and IT. They will also support acquisition of foreign companies and
technologies for products imported in India in large volume. The core focus of
the Daughter Funds would be to develop domestic design capabilities. The
Daughter Funds supported will create a resource pool of IP within the country
in the specified fields.
EDF therefore enables creation of an ecosystem for providing risk capital to both industry and academia to undertake research and development in these technology areas. It will, in the process, enrich the intellectual property in the country and encourage more entrepreneurs towards product and technology development.
Details at http://deity.gov.in/esdm/edf