Punjab floats venture fund for IT sector

Chandigarh: To attract Information Technology (IT) entrepreneurs to Punjab the government floated a venture capital fund with a corpus of Rs 20 crore today.

“The Punjab Infotech Venture Fund has been set up to help small and medium IT units,” said Tikshan Sud, minister for industries.

To manage the fund, Punjab Infotech had signed an agreement with Subhkam Ventures, a Mumbai based company, he added.

The venture fund has been put together by state PSUs Punjab Infotech. Punjab State Industrial Development Corp Ltd and Punjab Financial Corp in association with Small Industries Bank of India.

Sud claimed that IT and IT related software exports from Punjab had crossed a Rs 1000 crore turnover.

After the success of Mohali as an IT hub, the government has plans to develop IT parks in Kapurthala and Railmajra in SBS Nagar, he said.