Department of Electronics & IT (Deity) in a company with Canbank Venture Capital Fund is all set to initiate the Electronics Development Fund (EDF) in Mumbai.
- Domestic companies in the field of electronics manufacturing will get benefitted by the EDF as it will act as their financial back and encourage sectorial innovation.
In July, 2015 Electronics Development Fund Policy was launched by PM Modi during the inauguration of Digital India. Thereafter, in September, 2015 CANBANK Venture Capital Fund Pvt. Ltd. (CVCFL) was designated by GOI to house Electronics Development Fund (EDF).
About Electronics Development Fund (EDF)
EDF is instigated as “Fund of Funds” to participate in “Daughter Funds” which in turn will provide risk capital to companies developing new technologies in the area of electronics, nano-electronics and Information Technology (IT).
- The corpus of a Daughter Fund will be determined by market requirements and the capacity of its Fund Manager to cater to the requirements of the Fund.
- The Daughter Fund will also support acquisition of foreign companies and technologies for products imported in India in large volume.
EDF enables creation of an ecosystem for providing risk capital to both industry and academia to undertake research and development in these technology areas.