When and how did Andhra Pradesh Industrial Development Corporation-Venture Capital come into existence?
The APIDC-VC came into existence in 1990; 1989 to be precise. That was when the trust was registered. The fund was set up as a 100 per cent subsidiary of the Andhra Pradesh Industrial Development Corporation and had a very illustrious board. M Narasimham, who has been a Reserve Bank governor, was the chairman of the board. The fund was privatised in ’94. Why? The World Bank had a condition built into their investment proposal that they would not release the money right away. They would first look at five proposals one after the other and based on the quality of the analysis they would release the money. APIDC made 10 proposals then and none of them were accepted. The APIDC was in a quandary. It was worried about how it could raise money. So it was in ’94 that the Andhra Pradesh government decided that it should privatise the management of the fund. It wanted to have a more professional management. It sought the approval of investors who agreed to the proposal. ICICI and A Ferguson were
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