Aimed at strengthening the trade ties with China, Gujarat Venture Finance (GVFL) plans to launch a Rs 1,000-crore green energy fund to attract Chinese companies. According to GVFL, the fund is specific to Chinese companies interested in setting up plants for equipment manufacturing plants in India in the fields of solar, wind, hydro and other alternative energy projects. GVFL, which had launched a similar fund in clean energy ventures and infrastructure in January 2011, will manage the fund.
Likely to be launched in February 2012, it will be registered with markets regulator SecuÂrities and Exchange Board of India (Sebi) soon. The fund will invest in equity on projects, which can be implemented anyÂwhere in India and will use ChiÂnese technology.
The company is expected to announce the first phase of closure at Rs 400 crore at the end of this month. The state government's focus has been to make Gujarat a hub for manufacturing solar power equipment, generation and research and development.
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