TDC Fund will almost fulfill India’s commitment. 175 crores. (£17.5 million) Global Innovation Development Fund (GIP Fund) proposed to be set up under the India-UK Global Innovation Partnership (GIP) in partnership with the Foreign, Commonwealth and Development Office (FCDO).
The GIP Fund will invest primarily in small and medium enterprises in India that meet development challenges in line with the goals and objectives of GIP and have successfully developed and tested viable social impact innovations that can be transferred and extended to third countries . The GIP fund will target Indian innovative enterprises that are at an advanced stage but lack access to capital for expansion in other developing countries.
SVL TDC will act as Administrator-cum-Advisor (Investment Manager) of the fund and will facilitate the GIP program for the same. foreign Ministry,
Speaking on the occasion, Sandeep Chakraborty, Joint Secretary (Europe West), Ministry of External Affairs said, “The Ministry of External Affairs is committed to the growth and development of Indian enterprises abroad. Innovative Indian models are now maturing by learning from existing markets and planning to foray into newer markets. GIP will help expand Indian innovations abroad.”
Suresh Kozhikote, MD & CEO, SVL said, “Tripartite Development Cooperation Fund will reduce as well as demonstrate risk perception for innovation transfer. This collaboration will be a building block towards structuring investments in innovative ventures from India and will facilitate further development, transfer and drive successful innovations to developing partner countries.
Akshay Panth, Chief Investment Officer, SVL said, “We are proud to be the partner of choice for the Government of India in many fund initiatives. Through TDC Fund, we aim to meet the capital requirements of small and medium businesses that are looking to expand their global footprint. are embarking on the journey and help them grow successfully in multiple geographies.