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The Ministry of DoNER collaborated with the North Eastern Development Finance Corporation Ltd (NEDFi) to set up the North East Venture Fund(NEVF) with an initial corpus of Rs 100 crore
About the North Eastern Development Finance Corporation Ltd (NEDFi)
- The North Eastern Development Finance Corporation Ltd (NEDFi) is a Public Limited Company registered under the Companies Act 1956 on 9th August, 1995.
- It is notified as a Public Financial Institution under Section 4A of the said Act and was registered as an NBFC in 2002 with RBI.
- The shareholders of the Corporation are IDBI, SBI, LICI, SIDBI, ICICI, IFCI, SUUTI, GIC and its subsidiaries.
- The management of NEDFi has been entrusted upon the Board of Directors comprising representatives from shareholder institutions, DoNER, State Governments and eminent persons from the NE Region and outside having wide experience in industry, economics, finance and management.
- Its mission is for the economic development of the North Eastern Region of India by identifying, financing and nurturing commercially and financially viable projects in the region.
- NEDFi provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure projects in the North Eastern Region of India and also Microfinance through MFI/NGOs.
- Besides financing, the Corporation offers Consultancy & Advisory services to the state Governments, private sectors and other agencies.
- It conducts sector or state specific studies under its Techno-Economic Development Fund (TEDF) and is the designated nodal agency for disbursal of Govt. of India incentives to the industries in the North-East India under North–East Industrial and Investment Promotion Policy 2007 (NEIIPP 2007).
- NEDFi’s promotional activities include NEDFi Convention Center, NEDFi Pavillion, Promotion of craftsector etc.
A brief note on North-East Venture Fund(NEVF)
- The North East Venture Fund (NEVF) is the first and the only dedicated Venture Fund for the North Eastern Region
- The Venture Fund Scheme launched by the Ministry of Development of North Eastern Region (DoNER) intended to promote growth of business ventures and skill development in the region.
- Ministry of DoNER had joined with North Eastern Development Finance Corporation Ltd (NEDFi) to set up the North East Venture Fund, the first and the only Venture Fund for Northeast with an initial corpus of Rs. 100 crores.
- The fund targets to invest in Start-Ups and unique business opportunities to provide resources for new entrepreneurship.
- The main focus of North East Venture Fund (NEVF) is for mostly the enterprises involved in Food Processing, Healthcare, Tourism, segregation of services, IT, etc.
- The investment size with the Venture Fund Scheme ranges between Rs.25 lakhs and Rs. 10 crores with a long term horizon of five to ten years
Source: PIB & NEDFi
