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Till date, GVFL has managed over
Rs. 2041.70 milliion in six venture funds namely, GVCF-1990,
GVCF-1995, GVCF-1997, Gujarat IT Fund, Gujarat Biotechnology
Venture Fund and SME Fund. The Funds were invested in 63-technology
start up companies. Last year, GVFL has liquidated its first
fund GVCF-1990 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 Rs. 2500 million.
The Fund would be focusing on early & growth state 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. In
order to promote business tourism, the benefit to venture capital
funds that invest in hotel-cum-convention centers of a certain
description and size has also been proposed.
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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