CANBANK VENTURE CAPITAL FUND LIMITED ("Investment Manager"), the investment manager to the Canara Bank Venture Development Trust("Trust"), is launching a scheme of the Trust i.e. the Electronics Development Fund (referred to as "Fund" or "EDF"),which shall operate as a ‘fund of funds’ with the object of assisting/supporting Daughter Funds (as defined below) which will in turn provide risk capital to companies developing new technologies in the area of Electronics System Design and Manufacturing ("ESDM"), Nano-electronics and information technology and related sectors. The Fund has been sponsored by Canara Bank (the "Sponsor"), a Scheduled Bank, established in July, 1906 and having its registered office at Canara Bank, Head Office, 5th Floor, 112, JC Road, Bangalore – 560002.
The objective of the Fund is to support Daughter Funds, including early stage angel funds and venture funds in the area of ESDM, Nano-electronics, IT and related sectors. The supported Daughter Funds will promote innovation, R&D and product development within the country in the specified fields of ESDM, Nano-electronics, IT and related sectors. The Daughter Funds may also support acquisition of foreign companies and technologies for products imported in India in large volumes. The core focus of the Daughter Funds would be to develop domestic design capabilities and the Daughter Funds supported are expected to create a resource pool of intellectual property within the country in the specified fields.