8 april 2000

sidbi formally delinked from idbi
mumbai: in a bid to provide finance help to start-ups, the government has formally de-linked the small industries development bank of india (sidbi) from its parent company idbi.

till now, idbi held 100 per cent of sidbi. under the change initiated sidbi will become an independent entity, with an enhanced authorised capital of rs. 1,000 crore with immediate effect. 49 per cent of the capital will be offloaded to the public. the balance 51 per cent will be held by the government through its institutions gic, lic etc.

recently, in order to promote small ventures in the software sector, sidbi has set up a venture capital fund. it also plans to float a fund in silicon valley, us, to fund software entrepreneurs there.