The National Manufacturing Competitiveness Council (NMCC) has floated a proposal to the government for setting up a $1 billion venture capital fund (Rs 6,200 crore) to encourage manufacturing of telecom equipment and devices.
NMCC also plans to rope in Vinod Khosla, Sam Pitroda and Gururaj Deshpande to be part of the investment committee of the proposed fund, that will focus on technology innovation and not return on capital.
The promoter of the company will have full control of management, subject to a review by the expert committee. However, the fund will maintain an equity holding above 51 per cent to prevent any foreign entity from gaining control.
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