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Till date, GVFL has managed over
2455 million(INR) in six venture funds namely, GVCF-1990,
GVCF-1995, GVCF-1997, Gujarat IT Fund, Gujarat Biotechnology
Venture Fund and SME Technology Venture Fund. The Funds were
invested in 72 technology start up and growth stage companies.
GVFL has liquidated its first fund GVCF-1990 and third fund
GVCF-1997 with profits.
In order to harness its long experience of technology in India,
GVFL has launched a new Venture Fund - "SME Technology
Venture Fund", with a target corpus of 2500 million(INR)
of which 1000 million(INR) has been committed by various Financial
institutions. The Fund would be focusing on early & growth
stage technology companies in India.
In the financial budget of 2007-08, in order to limit the tax
benefit to investments made in truly deserving sectors, it has
been proposed to grant pass through status to venture capital
undertaking in biotechnology; information technology relating
to hardware and software development; research and development
of new chemical entities in the pharmaceutical sector; dairy
industry; poultry industry; and production of bio-fuels.
However, SME Technology Venture Fund would be invested in only
technology companies and thereby the fund would enjoy the pass-through
status under the Income Tax Act. |
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