FM Sitharaman to launch an alternative investment fund
- ByAyushi Ray | August 20, 2021
Finance Minister Sitharaman to launch an alternative investment fund for small and mid sized export oriented companies, which is around Rs 250 crore. It has been named “Ubharte Sitaare”, the fund will be launched tomorrow (21 August) and will also have a greenshoe option of Rs 250 crore. It is jointly sponsored by the Exim Bank of India, and SIDBI. Upon launch, the said fund will invest by way of equity and equity-linked products in export-oriented units, both in the manufacturing and services sectors. As per a press release, the Exim Bank’s Ubharte Sitaare programme will identify Indian companies that have the potential to be future champions in the domestic arena, while meeting global demands.
It should be noted that the Exim Bank and SIDBI have together already developed a robust pipeline of over 100 potential proposals across a range of sectors, such as pharma, auto components, engineering solutions, agriculture and software. After the second wave of covid, small time businesses had suffered immensely, the direct effect of which fell on the economy of the country. Therefore it was important, to bring things back on track and get the economy of the country smooth flowing. Hence, this alternative funding system.
Follow Startup Story
Related Posts
