36 proposals of Rs 74 77 crore sanctioned under NEVF Minister

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New Delhi, March 14

 The Minister for the Development of North Eastern Region, G. Kishan Reddy, in a written reply in the Lok Sabha on Monday informed that the North Eastern Development Finance Corporation Ltd.'s 36 proposals have been given in-principle commitment of Rs. 74.77 crore under NEVF – in Healthcare, Edutech, Agri& Agri Allied, Tourism, Food Processing, IT & ITES etc. sectors.

The Corporation has organized a Startup Investment Festival,to provide a platform to local entrepreneurs to showcase their business ideas and to pitch for investment through access to capital for scaling up their businesses. It will also help them avail other facilities like handholding support, advisor network, investor network, marketing support.

The North East Venture Fund (NEVF) is a dedicated venture fund for the NE promoted by NEDFi, Ministry of Development of North Eastern Region (MDoNER) and the Small Industries Development Bank of India (SIDBI).

It was launched in September, 2017 with a corpus of Rs. 100 crore, with contributions of Rs. 45 crore as interest free loan from MDoNER, Rs. 30 crore by NEDFi itself and Rs. 25 crore from SIDBI. It is registered with the Securities Exchange Board of India (SEBI) under SEBI (AIF) Regulations, 2012, as a sector agnostic fund. Till date, a total of 36 proposals have been given in-principle commitment (sanction) of Rs. 74.77 crore under NEVF – in Healthcare, Edutech, Agri&Agri Allied, Tourism, Food Processing, IT&ITES etc. sectors.
 

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