Communications and Manufacturing Association of India (CMAI), an association for information & communications technology (ICT) manufacturers, has announced $100 million venture capital fund to promote environment friendly research and manufacturing projects. The funds will be provided to the companies who are into research and manufacturing of telecom and ICT products in an environment conscious manner.
CMAI has also announced a that it will also help select few people from the companies in which the fund invests in and sponsor their training in ICT research and manufacturing in Korea.
CMAI has tied up with Korea Agency for Digital Opportunity and Promotion (KADO), an organisation under the Korean Ministry of Information and Technology.
India’s ICT Market which was nearly $10 billion in 2006 is expected to grow at a 5-year Compound Annual Growth Rate (CAGR) of 20.3% to reach $ 24.3 billion by 2011, according to Gartner. Also the government has called upon private organizations in the ICT industry to establish BPOs and call centers in rural areas.
Though there are venture capital funds started by mobile companies, this would be one of the few funds making cleantech investments. US networking company Cisco Systems has a venture capital arm which has a capital of $200 million to invest in India. Then there are also Siemens Venture Capital, Motorola Ventures and Nokia Growth Partners, which has recently announced its plans to set up offices in India. There are venture capital funds run by companies in the information technology sector such as IBM Venture Capital, SAP Ventures and Intel Capital, among others.