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TDB joins hands with APIDC-VCL for co-investment scheme
Jayashree Padmini - New Delhi
The Technology Development Board, under the Department of Science & Technology,
has allied with APIDC Venture Capital Ltd to provide financial support to technology
projects through a Co-Investment Scheme.
The scheme aims to accelerate the development and commercialisation of indigenous
technology or adapting imported technology to wider domestic application. The
target annual disbursement is Rs 50 lakh in this scheme, which is proposing
to invest Rs 3 crore over a period of four years starting from January 13, 2005.
The total amount could be upped based on mutual agreement between TDB and APIDC-VCL.
In its recent meeting, the Co-Investment Scheme has decided to invest Rs 50
million in Naturol Bioenergy Ltd and the committee is in agreement to invest
Rs 22.5 million in equity of BioServe Biotechnologies Ltd.
The Scheme will fund the pharmacogenomics initiative of BioServe which is looking
at adopting state-of-the-art genomics technology of its US parent for application
in India. The pharmacogenomics services are assumed to be of critical significance
in clinical trial segment in the country.
The Committee has four members of which two are TDB nominees and two are nominated
by APIDC-VCL. The MD and Sr VP of APIDC have been nominated on board by APIDC.
TDB is co-investing in the scheme to be able to avail the hand-holding and monitoring
capabilities of APIDC-VCL’s Biotech Venture Fund for co-investment scheme’s
investor undertakings.
The terms are similar to the APIDC’s Biotech Venture Fund and the scheme
will approve only the quantum as approved by the APIDC-VCL’s Biotechnology
Venture Fund. Any amount above Rs 50 million need to take approval from TDB.
The Biotechnology Venture Fund of the Andhra Pradesh Industrial Development
Corporation - Venture Capital, the first-of-its-kind in the country, has attracted
the support of prestigious financial institutions, banks, and insurance companies.
— jayashreep@expressindia.com
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