Lok Sabha Question No. 273 (STARRED), answered on 2018-03-14
Subject: North East Venture Fund
Ministry: DEVELOPMENT OF NORTH EASTERN REGION
Asked by: VINCENT H PALA

## Government of India Ministry of Development of North Eastern Region

## LOK SABHA

Starred Question No. *273

To be answered on

Wednesday, March 14, 2018/Phalguna 23, 1939 (Saka)

## Question

## North East Venture Fund

*273.  SHRI VINCENT H. PALA:

Will the Minister of DEVELOPMENT OF NORTH EASTERN REGION be pleased to state:

- (a) the  status  of  the  60  proposals  selected  for  consideration  under  the  North  East Venture Fund;
- (b) the funding and the investment details regarding selected proposals, State-wise; and
- (c) the  other  measures  taken/being  taken  to  encourage  entrepreneurship  in  North East and the achievements made in this direction, so far?

## ANSWER

The Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region [Dr. Jitendra Singh]

- (a) to (c)   A statement is laid on the Table of the House.

## Statement referred to in reply to parts (a) to (c) of Lok Sabha Starred Question No. *273 for answer on 14.03.2018

(a) and (b) Ministry of Development of North Eastern Region (MDoNER) has supported creation of North East Venture Fund (NEVF) with North Eastern Development Finance Corporation (NEDFi) with a total fund of Rs.100 crore. Under NEVF, 60 proposals are under consideration, 10 proposals have been deferred since they do not have any North East connect. Out of the remaining 50 proposals, 12 were placed before the Investment Committee after detailed analysis of techno economic viability, out of which 6 proposals were found fit for investment as per mandate of the fund. The remaining proposals are at various stages of consideration. The 6 proposals, which have been given investment commitment are given below:-

| Proposals already given Investment Commitment   | Proposals already given Investment Commitment   | Proposals already given Investment Commitment                                     | Proposals already given Investment Commitment   | Proposals already given Investment Commitment   |
|-------------------------------------------------|-------------------------------------------------|-----------------------------------------------------------------------------------|-------------------------------------------------|-------------------------------------------------|
| S. No                                           | Name of Company                                 | Sectors                                                                           | Investment Amount (Rs. in lakh)                 | Area of operation                               |
| 1.                                              | Terra Blue Exploration Technologies (P) Ltd.    | Epilepsy diagnostic and monitoring device (Artificial Intelligence in Healthcare) | 200.00                                          | Assam                                           |
| 2.                                              | ERC Eye Care (P) Ltd.                           | Affordable eye care solution provider.                                            | 150.00                                          | Assam, Nagaland and Arunachal Pradesh           |
| 3.                                              | Pratyaksha Agrotech (P) Limited                 | Tissue culture laboratory working on medicinal plants                             | 400.00                                          | Barak Valley, Assam                             |
| 4.                                              | Ziroh Labs Private Ltd.                         | Development of encryption technologies for internet (Information Technologies)    | 200.00                                          | Assam                                           |
| 5.                                              | Parking Rhino Online Services Pvt Ltd.          | Smart parking solutions provider based on AI and machine learning                 | 250.00                                          | Assam                                           |
| 6.                                              | Automovill Technologies Pvt Ltd.                | Aggregator of automobile servicing centers for car repair and maintenance         | 180.00                                          | Assam                                           |
|                                                 |                                                 | Total                                                                             | 1380.00                                         |                                                 |

(c) The NEVF is the first dedicated venture capital fund for North East Region (NER) to encourage entrepreneurship in the NE region.

In addition, NEDFi has, inter alia, taken the following initiatives for development of entrepreneurship:-

- (i) Setting  up  Business  Facilitation  Centres  (BFC)  in  all  NE  states  to  guide  new and  first  generation  entrepreneurs  in  all  areas  related  to  project  financing including  preparation  of  Detailed  Project  Report.  During  the  FY  2012-13  to 2017-18 (till February 2018) a total of 3033 entrepreneurs were nurtured, out of which  credit  linkage  was  extended  to  610  entrepreneurs  for  an  amount  of Rs.31.59 crore.
- (ii) Organising Capacity Development Programmes for Non-Government Organisations (NGOs), Microfinance Institutions (MFIs). During the FY 2017-18 (till  February  2018)  a  total  of  30  Programmes  were  conducted,  where  758 numbers of participants were benefitted.

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