Union Finance Minister Nirmala Sitharaman is set to launch a Rs 250 crore alternate investment fund (AIF) which would focus on export-oriented small and mid-sized companies, reports Economic Times.
Named "Ubharte Sitaare", the fund will be launched tomorrow (21 August) and will also have a greenshoe option of Rs 250 crore. It is being 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.
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