(MENAFN- knn india)
arias to set up assam agribusiness investment fund guwahati, june 29 (knn) assam rural infrastructure and agricultural society (arias) and caspian impact investment adviser (caspian equity) signed a mou to launch an investment fund focusing on smes in the agribusiness and allied sectors in the state of assam.
the autonomous body under the assam government will establish an assam agribusiness investment fund (aaif) which will have a corpus of rs 250 crore and will be managed by caspian equity.
arias will be implementing aaif and under the determinate trust, the share of beneficiaries is determined during the life of the trust.
aaif will operate as a category ii alternative investment fund registered with the securities and exchange board of india (sebi) with anchor funding from the world bank through assam agribusiness and rural transformation project (apart).
the fund will work towards improving
agricultural productivity
and employment generation in assam.
“caspian plans to work with local incubators and accelerators to identify and develop local smes. we will source promising smes with references from local financial institutions and agro companies. we will also work with agro institutions intending to open assam offices,” caspian equity told fe aspire.
the company will pick potential investees by“considering professional promoters and teams with strong credentials along with growth prospects with demonstrated capabilities of sales revenue, focus on unit economics and most importantly openness towards strong governance and independent board.”
the fund will invest in debt, equity and convertible equity. while debt will be for the short to medium term, equity holding in portfolio companies will be for seven to eight years.
(knn bureau)
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