US entrepreneurs launch 'AP Investment Fund'

Hyderabad, May 29 (UNI) Two US-based entrepreneurs along with a local entrepreneur from Hyderabad today launched "AP Investment Fund" with a corpus of US Dollar seven million.

Addressing a press conference, in the presence of state IT Minister R Damodar Reddy here, Mr Venkatesh Tadinada, one of the two US-based entrepreneurs, said he along with Pradeep Shenoy and city based entrepreneur Indira Porwal had launched the "AP Investment Fund", with the primary objective to invest in Andhra Pradesh-based companies in sectors like IT, Bio-Technology and other knowledge-based services.

Stating that the fund would be created in two phases, Mr Tadinada said while US Dollar two million would be raised in 2007, five million would be raised in 2008.

The funds would be raised through an 'Investment Club', where the investors could invest amounts ranging from US Dollar 25,000 to one lakh.

"The fund will be used to help India, a chance to demonstrate their potential and achievements on a world stage and derive the utmost financial advantage out of them," he said, adding that the promoters and the management team of the fund would pool together their collective expertise to help young entrepreneurs.

UNI