RDI Fund selects 19 fund managers, commits Rs 7,131 crore in first cohort
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The government approved 19 institutions to deploy capital under its Rs 1 lakh crore Research, Development and Innovation Fund.
- ✓On October 8, officials committed Rs 7,131 crore to the first cohort of fund managers.
- ✓These groups will now help channel funding to companies that use research for new technology projects.
Story at a Glance
- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The government has approved 19 institutions to deploy capital under its Rs 1 lakh crore Research, Development and Innovation (RDI) Fund, committing Rs 7,131 crore to the first cohort of fund managers as it expands the programme beyond the initial institutions handling applications from deeptech companies. The Empowered Group of Secretaries approved 14 alternative investment funds (AIFs) and five focused research organisations (FROs) at a meeting on October 8, the Department of Science and Technology said in a statement on October 12.
The announcement comes days after Abhay Karandikar, member of NITI Aayog and former secretary of the Department of Science and Technology, told Moneycontrol that the government was likely to select 15-20 fund managers by October-end. The government had received around 163 applications from venture capital firms and research organisations seeking to deploy RDI capital.
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