Green businesses attract Rs.100 crores investment from venture capitalists

Monday, May 7, 2007

There is a need to get a structured plan in a sustainable ecological mode to attract venture capitalists to India, said Dr. Nachiket Mor, Chairman, New Ventures India Steering Committee and Deputy Managing Director, ICICI Bank at a seminar on “Emerging Business Opportunities in India and Venture Capital Finance”.

Dr. Mor also announced Rs.100 crore investment towards the innovation and development of green businesses in India.

“The burden of climatic changes will be borne by the developing countries, therefore opening up a huge market for green business and the market of clean energy is going to double by 2015”, he said.

India has to maintain its GDP growth to become a developed country and green businesses have lot of growth potential for Indian economy, he added.

India offers a great opportunity for investors who can take risk, invest and take initiative and the current economical growth provides the right pace for venture funding to innovative projects, said Dr. T Ramasami, Secretary, Department of Science and Technology, Government of India.

Innovation holds the key to the growth of economy in the globalised economy, he added. India’s venture structure will depend on the existing knowledge economy based on identification, evolution and marketing of the right knowledge, mentioned Dr. Ramasami.

He said that technology ventures have superimposed on the capital ventures in the current economic scenario as patents, technologies and innovations have become intangible asset. This attributes to higher growth opportunities, he added.

Dr. Ramasami said, “the growth of industrial sector possesses environmental challenges and investment in green technology can benefit the whole world as much as the specific customers”. Venture capitalists should focus on the youth power that has access to the knowledge and technology and has hugely contributed to the growth of economy and innovation, he added.

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