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North East Venture Fund for North Eastern region

Press Information Bureau:  August 02, 2018

North Eastern Development Finance Corporation Ltd. (NEDFi) under the Ministry of Development of North Eastern Region (DoNER) has set up the North East Venture Fund (NEVF) for North East Region.

The capital commitment to the fund is Rs.100.00 crore with an initial contribution of Rs.75.00 crore consisting of Rs.45.00 crore from Ministry of DoNER and Rs.30.00 crore from NEDFi. The balance fund of Rs.25.00 crore has been committed by Small Industries Development Bank of India (SIDBI) in-principle.

The proposals are considered by the NEVF. For investment decisions, an Independent Investment Committee is formed, comprising of experts from the field of venture capital financing, banking, technocrats and representatives of investors, which regularly monitor the implementation of the projects. The details of the proposals considered and investment commitment received under NEVF are as under:-

S. No.

Name of company

Sectors

Investment Amount

(Rs. in lakh)

Area of operation

1

Terra Blue Exploration Technologies (P) Ltd

Epilepsy diagnostic and monitoring device (Artificial Intelligence & Internet of Things in Healthcare)

200.00

Assam

2

ERC Eye Care (P) Ltd

Affordable eye care solution provider (Healthcare) .

150.00

Assam, Nagaland & Arunachal Pradesh

3

Pratyaksha Agrotech (P) Limited

Tissue culture laboratory working on medicinal plants

400.00

Barak Valley, Assam, Tripura & Mizoram

4

Parking Rhino Online Services Pvt Ltd

Smart parking solutions provider based on Artificial Intelligence and machine learning

250.00

Assam

5

Automovill Technologies Pvt Ltd

Aggregator of automobile servicing centers for car repair and maintenance

180.00

Assam

6

Symbiotic Food Pvt Ltd.

Commercial breeding of Pigs for production and sale of piglets.

100.00

Assam, Nagaland, Arunachal Pradesh

7

Shivanta Agro Foods Pvt Ltd

Food and Beverage chain that serves tea & snacks via small retail outlets

150.00

Assam

8

Northeast Flavors India Pvt. Ltd.

Bhut Jolokia based sauce

172.50

Assam, Manipur and Nagaland

9

Atvi Infotainment Pvt. Ltd.

Online and TV based infotainment service for news, media and entertainment from North East India

300.00

North Eastern States

Total

1902.5

 

The Monitoring of the investment is carried out by NEDFi on continuous basis. NEVF monitors the projects through a Management Information System (MIS) customized for each project on fortnightly or monthly basis depending on the requirement of the project. The investments and implementation of the projects undertaken under NEVF are monitored through submission of quarterly reports to Securities and Exchange Board of India (SEBI), customized Management Information System (MIS) and Independent Investment Committee meant for the purpose.

This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh in written reply to a question in  Rajya Sabha today.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.