Dr. Nachiket Mor, Chairman, New Ventures India Steering Committee and Deputy Managing Director, ICICI Bank announces a 100 cr fund to invest in Green Businesses in India (hat tip: Karen Seeh).
Dr. Mor also announced Rs.100 crore investment towards the innovation and development of green businesses in India.
“The burden of climatic changes will be borne by the developing countries, therefore opening up a huge market for green business and the market of clean energy is going to double by 2015”, he said.
India has to maintain its GDP growth to become a developed country and green businesses have lot of growth potential for Indian economy, he added.
India offers a great opportunity for investors who can take risk, invest and take initiative and the current economical growth provides the right pace for venture funding to innovative projects, said Dr. T Ramasami, Secretary, Department of Science and Technology, Government of India.
New Ventures India’s goal is to achieve at least 15 million dollars worth of investments in 20 sustainable and green businesses by 2008. These include areas of green building materials, energy efficiency products and services, renewable energy and water products, said Deikun.
CII – Godrej GBC aims at creating India as one of the global leaders in green businesses and India has leadership potential in green technology in the cement, paper, green buildings and renewable energy sector, said S Raghupathy, Senior Director and Head CII – Sohrabji Godrej Green Business Center (Godrej GBC).
Dr. Mor is a visionary in this area. In Deeshaa, our team had interacted with him at different times and he spearheaded the entry of ICICI bank in the Micro finance and rural banking areas. This will be the new growth area for ICICI.
The Green Wave is spreading in all directions and India has great potential in this area.