BoB, PNB commit Rs 15 crore for APIDC Venture's biotech fund

 Bank of Baroda (BoB) and Punjab National Bank (PNB) have committed Rs 10 crore and Rs 5 crore respectively for APIDC Venture Capital's Biotechnology Venture Fund. With these commitments, the fund has reached a corpus of Rs 56 crores.

 The other investors include UTI Bank, the Government of Andhra Pradesh ( through APIDC), LIC, Andhra Bank, and GIC. The fund is in discussions with FIs, banks and insurance companies for investment to reach the targeted Rs 150 crore.

 APIDC Venture Capital (APIDC-VCL) is a public-private partnership between the Ventureast Group and the Andhra Pradesh Industrial Development Corporation (APIDC). The Biotechnology Fund with a targeted size of Rs 150 crore is India's first national fund focused on biotechnology companies.