Government gives Rs 200 crores to IFCI to fund SC entrepreneurs

NEW DELHI: The government today provided Rs 200 crore to IFCI Ltd to set up a venture capital fund for extending concessional loans to entrepreneurs from the scheduled caste category.

"Minister of State for Social Justice and Empowerment, Thaawar Chand Gehlot, has launched 'Venture Capital Fund for Scheduled Castes'...and presented a cheque of Rs 200 crore to Malay Mukherjee, CEO & MD, IFCI Ltd," the company said in a release.

The money will be used for providing concessional finance to scheduled caste entrepreneurs, it said.

The assistance under the fund would be between Rs 50 lakh and Rs 15 crore through equity and equity linked debt instruments.

IFCI Venture Capital Funds Ltd, a subsidiary of IFCI Ltd, would act as the investment manager of the Fund.

IFCI Ltd stock closed 0.79 per cent lower at Rs 37.55 on the BSE.