Rs 100-cr IIM-A fund to plug clean energy

IIM-A will launch 'INFUSE' with an estimated fund size of Rs 100 crore,here tomorrow.

To support innovative and commercially viable ventures in clean energy,the Indian Institute of Management,Ahmedabad (IIM-A) will launch the Indian Fund for Sustainable Energy (INFUSE) with an estimated fund size of Rs 100 crore,here tomorrow.

The fund is being launched in collaboration with the Ministry of New Renewable Energy (MNRE),Technology Development Board (TDB),and British Petroleum (BP),an official statement said.

INFUSE,shall be managed by IIM-A’s Centre for Innovation Incubation and Entrepreneurship (CIIE).

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“We shall support all innovative and commercially viable ventures in clean and green technology from across the country. It could be a grass root level innovation even,” Chairperson CIIE of IIM-A Prof Rakesh Basant said.

“Some average amount to fund a commercially viable innovative technology in clean and green space has also been fixed,” he said.

The fund aims at bringing together like-minded corporates and organisations to work collaboratively to bridge India’s energy demand-supply gap through development of sustainable entrepreneurial,he said.

The fund will be the first of its kind private-public -academia partnership which the IIM-A will support to incubate,build and support sustainable energy enterprises across the country,the statement said.

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Union Minister for Renewable Energy,Farooq Abdullah and Gujarat Chief Minister Narendra Modi are scheduled to launch the fund at a ceremony to be held at IIM-A tommorow. Head BP Venture Justin Adams is likely to be present on the occasion.