Tuesday 28 February 2017

SIDBI sanctions Rs.1,112 crore this Fiscal to Startups

SIDBI sanctions Rs.1,112 crore this Fiscal to Startups 
An expert committee set up by SIDBI, Venture Capital Investment Committee (VCIC) has sanctioned (स्वीकृत) Rs 300 crore to fund managers who would invest in startups, thus taking the total sanctions in 2016-17 to over Rs 1,100 crore. In its 7th meeting on the February 11, VCIC examined requests
from 11 fund managers and cleared sanction requests from 9 Funds aggregating Rs 300 crores. SIDBI’s VCIC comprises of former Infosys CFO Mohandas Pai, former Nasscom chief Kiran Karnik, Indian Angel Network Founder Saurabh Srivastava, Founder ofInfo EdgeSanjeev Bikhchandani, among others.. During fiscal year 2014-15 sanctions were made to 11 funds (Rs 314 crores) while in 2015-16 sanctions were made to 16 funds (Rs 607 crores). During the current financial year, till date Rs 1,112 crores has already been sanctioned to 30 funds.

sanctioned  स्वीकृत Definitions of sanction
give official permission or approval for (an action).
only two treatments have been sanctioned by the Food and Drug Administration
synonyms: authorize, permit, allow, warrant, accredit, license, endorse, approve, accept, back, support, OK
impose a sanction or penalty on.
As a result, more and more medical societies have begun to sanction members with penalties like suspension or revocation of their society membership.
synonyms: punish, discipline someone for

No comments:

Post a Comment