|
|
Intel sets up $250 million India Venture Fund
BY A CORRESPONDENT
6th December 2005
Chipmaker Intel is setting up a 250 million dollar
venture fund for India. The idea behind the fund
is to stimulate technological innovation and drive
growth of India's Information Technology industry.
Said Intel Chairman Craig Barrett: “The pace of
technology innovation is accelerating. Through the
Intel Capital India Technology Fund, Intel will
help Indian companies drive technology adoption
locally and identify new business opportunities
globally.”
The Intel venture fund for India will be used to
invest in Indian companies, that can benefit from
the country's swift growth in the domestic IT
market. It will assist local businesses with funds
capital to develop new technologies and products
being made for domestic use.
Some of the funds will be also used to selectively
invest in technology-oriented service firms which
aim foreign markets. Initially, the focus segments
will be cellular communications, broadband
applications and wireless technologies.
According to Arvind Sodhani, president of Intel
Capital, "Intel Capital consistently invests ahead
of the curve, and we feel that the timing to
launch a fund in India could not be more ideal. We
play a critical role in Intel’s wide-ranging
efforts to stimulate technological innovation and
grow the IT industry in India. We anticipate that
the establishment of the India Technology Fund
will inspire even more innovative business models
among Indian entrepreneurs, help accelerate
technology adoption locally, and foster the
development of innovative technologies with
potential for global distribution.”
Since its first strategic investment in 1998,
Intel Capital has invested in over 40 Indian
companies in seven Indian cities. Some of these
companies have since been listed on bourses or
acquired. These include Deccanet Designs,
FutureSoft, India Infoline.com Ltd and Sasken
Communication Technologies Ltd.
Intel Capital also has current investments in NIIT,
Nipuna Services Ltd and Tejas Networks. Intel
Capital has investments above $4 billion in over
1,000 firms based in more than 30 countries. it
has also provided Intel Corporation with net
financial returns. Last year, Intel Capital
invested over $130 million.
BY A CORRESPONDENT |
