The Maharashtra Industrial Development Corporation (MIDC) on 9 May 2015 signed a memorandum of understanding (MoU) with SIDBI Venture Capital Ltd to provide easy finance to micro, small and medium enterprises (MSMEs) for their growth.
Accordingly, both MIDC and Small Industries Development Bank of India (SIDBI) Venture Capital jointly created funds of 200 crore rupees. Of the total amount, the MIDC contributed 75 crore rupees, while SIDBI provided the remaining amount of 125 crore rupees.
The reason behind this tie-up of MIDC and SIDBI Venture Capital is to make it easier for MSME to obtain loans from banks for their expansions or various business purposes. The rate of interest at which finance would be provided to the MSMEs is yet to be decided.
The MoU was signed by MIDC CEO Bhushan Gagrani and Ananta P Sarma, MD and CEO of SIDBI Venture Capital Ltd.
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When: 9 May 2015