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August 22, 2014

Bengal eyes venture capital from Singapore

Bengal eyes venture capital from Singapore

The West Bengal government has given aproposal to 10 leading venture capital funds of Singapore to set a 'Bengalspecific fund' that will invest in projects in the state.

Minister for Industries and Commerce, DrAmit Mitra on Thursday said that the secretary of the department of medium and small-scaleindustries met some top venture capital funds and submitted the proposal. The Stategovernment has also initiated discussions with Changi Airport Authority for a Biswa Bangla stall at Singapore airport.If it comes through, it will be the first stall of any Indian State atSingapore airport.

The government has also requested theBengali community in Singapore to set up a fund for social services in Bengal. “OurCM has requested the Bengali community here to give it back to the place theycame from,” Dr Mitra said.

Singapore-based venture capitalists arekeen to invest in Bengal companies and projects since they are now focusing ondeveloping economies. Some these funds have $ 10 billion assets. The Bengal governmenthas proposed to set up a Bengal specific fund, like some VCs have India-specificfunds. This fund can invest in MSME as well as big industries.