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|April 17, 1998||
NRI firm to invest Rs 1 b in a venture capital fund to promote domestic software.
An NRI firm plans to invest Rs 1 billion in a venture capital fund along with the National Association of Software and Service Companies.
The US-based The Indus Valley Entrepreneurs plan to collect funds from Indians businessmen and IT professionals abroad. They have urged
NASSCOM has already sought that the Centre lower rates of corporate tax on venture capital firms, and permit employees to be given stock options.
NASSCOM estimates that the local software industry will need at least $ 500 million in venture capital to sustain it by the end of the century. Already, three-quarters of the venture capital in the US is directed to high technology.
Regarding the association's demand for sweat equity, the department of company affairs had claimed that section 75 of the Companies Act permitted the stock options for employees.
-Compiled from the Indian media
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