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NRIs to Promote Investment Fund for Andhra Pradesh Wednesday, May 30, 2007
NRIs from Andhra Pradesh, Venkatesh Tadinanda and Pradeep Shenoy have taken the initiative in setting up the Andhra Pradesh Investment Fund in partnership with Hyderabad based entrepreneur Indira Porwal. The nri Investment Fund, financed by zealous NRIs who are eager to make a contribution to the growth of their home state, will promote ventures and projects in Andhra Pradesh. The investments would be directed to IT, biotechnology and other knowledge based industries. Venkatesh, the CEO of the Fund revealed that capital would be raised in two phases. USD 2 million would be raised by the year-end, while another USD 5 million would be generated in 2008. NRI investors could invest between USD 25,000 to USD 100,000 in an investment pool. The fund has a dual objective: to provide a global platform for local talent, while maximising financial returns. Entrepreneurs would be assisted in their ventures at every stage, from conceptualization to marketing of their product. An amount of USD 350,000 has been raised so far, and four more fundings are expected. The state Ministry for IT and Communications is hopeful that small and medium enterprises would gain from this fund, which would in turn create employment opportunities in Andhra Pradesh. This is not the trio’s first venture - Solivar Inc is a software development company based in Hyderabad set up in 2000 by Venkatesh and Indira to provide high quality solutions in the field of insurance and healthcare.
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