Banks Finance Biotechnology Venture Fund
Hindustan Times
November 17, 2003

Bank of Baroda and Punjab National Bank have committed Rs 10 crore and Rs 5 crore respectively in the 'Biotechnology Venture Fund', a public-private partnership between Ventureast Group and Andhra Pradesh Industrial Development Corporation (APIDC).

The biotechnology fund, with a tragetted corpus size of Rs 150 crore, is India's first national fund focused on biotechnology companies, an official release said on Monday.

With the commitments from BoB and PNB, the fund has reached a corpus of Rs 56 crore. The other investors include UTI Bank, Andhra Pradesh government, LIC, Andhra Bank and General Insurance Corporation (GIC).

The fund is in discussion with a number of financial institutions, banks, and insurance companies for investment to reach the targeted Rs 150 crore, the release said.

It would operate primarily as a start-up and early-stage investor in businesses focusing on life sciences-related areas such as health care, drug discovery, agriculture, dairy environmental and industrial applications.

The fund's objective was to achieve attractive returns primarily through generation of capital appreciation.

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