Israel, India mull $40m joint venture tech fund

The fund will support media, software, agriculture, energy, water, and aerospace ventures.

Representatives of Israel and India are discussing the establishment of a $40 million fund to support technology joint ventures. The fund will support media, software, agriculture, energy, water, and aerospace ventures.

The fund, if it is established, will help Israeli companies participate in large Indian government-led ventures, foster collaboration of Israeli and Indian companies in R&D projects and seek to adapt products developed in Israel for the Indian market.

Chief Scientist Avi Hasson said, "The fund's jewel in the crown is the establishment of a tool to serve as a breakthrough for Israeli entrepreneurs and industrialists in entering the Indian market. Emerging markets are a priority for the Office of the Chief Scientist and the government as a whole."

"Increasing exports to the Indian market is an important part of Israel's strategy to diversify exports," said Ministry of Finance Deputy Budget Director Yonatan Regev.

Technology ties between Israel and India have tightened in recent years. Several months ago, Tel Aviv University announced a $20 million collaboration with Tata Industries Ltd. Tata is investing $5 million to support projects of Tel Aviv University researchers through its commercialization company, Ramot at Tel Aviv University Ltd.

Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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