+
SIDBI, NSIC subsidiary to back startup fund Sorin
ECONOMY & POLICY

SIDBI, NSIC subsidiary to back startup fund Sorin

Small Industries Development Bank of India (Sidbi) and The National Small Industries Corporation (NSIC) will back Sorin Investments, the startup fund owned by Sanjay Nayar, the former head of private equity firm KKR India, in a major sign of confidence for the veteran banker and deal maker.

Both Sidbi and the Rs 10,000-crore Self Reliant India (SRI) Fund, owned by NSIC Venture Capital Fund (NVCFL), a 100% subsidiary of NSIC, will invest about Rs 300 crore into Sorin, said multiple people aware of the development. The fresh investments will help Sorin close its maiden fund at Rs 1,300 crore. SRI Fund, sponsored by NSIC, will employ a 'Fund-of-Funds' investment strategy wherein it will invest in Sebi-registered Category I and Category II alternative investment funds (daughter funds), which will, in turn, invest in MSMEs, according to the company's website.

When contacted, Nayar declined to comment while mails sent to Sidbi and NVCFL did not elicit any response till press time.

Sorin Investments had raised a corpus of over Rs 1,000 crore in August. Sorin has deployed about Rs 70 crore till date in two startups. It plans to invest an additional about Rs 70 crore in two more transactions by 2023, people said.

Small Industries Development Bank of India (Sidbi) and The National Small Industries Corporation (NSIC) will back Sorin Investments, the startup fund owned by Sanjay Nayar, the former head of private equity firm KKR India, in a major sign of confidence for the veteran banker and deal maker. Both Sidbi and the Rs 10,000-crore Self Reliant India (SRI) Fund, owned by NSIC Venture Capital Fund (NVCFL), a 100% subsidiary of NSIC, will invest about Rs 300 crore into Sorin, said multiple people aware of the development. The fresh investments will help Sorin close its maiden fund at Rs 1,300 crore. SRI Fund, sponsored by NSIC, will employ a 'Fund-of-Funds' investment strategy wherein it will invest in Sebi-registered Category I and Category II alternative investment funds (daughter funds), which will, in turn, invest in MSMEs, according to the company's website. When contacted, Nayar declined to comment while mails sent to Sidbi and NVCFL did not elicit any response till press time. Sorin Investments had raised a corpus of over Rs 1,000 crore in August. Sorin has deployed about Rs 70 crore till date in two startups. It plans to invest an additional about Rs 70 crore in two more transactions by 2023, people said.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code