The Small Industries Development Bank and the Life Insurance Corporation of India have entered in a memorandum of understanding to supplement funds under its fund-of-funds operation that aims to provide venture capital for medium and small enterprises. LIC will be contributing up to 10% of the fund size of India Aspiration Fund, set up by SIDBI, under its fund-of-fund operations, with a corpus of Rs 2000 crore. SIDBI, which recently took up management of venture funds of the governments of West Bengal and Maharashtra through a unit called SIDBI Venture Capital, is also in talks with other state including Karnataka, Kerala, Bihar and Rajasthan for supporting the start-up initiatives.
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