Alstom, Schneider launches Rs 462 cr VC fund

French firms Alstom and Schneider Electric today said they will invest euro 70 million (about Rs 462 crore) for launching a new venture capital fund to finance innovative start-ups in the fields of energy and environment.

The fund, Aster Capital, is based in Paris and will receive progressively a capital subscription of euro 70 million, euro 40 million from Schneider Electric and Alstom euro 30 million, Alstom said in a statement.

Other industrial partners can be invited to join this initiative to create the European benchmark fund specializing in energy and environment, the statement said.

The mission of Aster Capital is to take minority interests in innovative start-ups based in Europe, North America and Asia, developing new technologies that could lead to major breakthroughs in the fields of energy and the environment.