The Hindu Business Line : Vaghul appointed new Chairman of APIDC-VCL investment panel

THE Andhra Pradesh Industrial Development Corporation-Venture Capital Ltd (APIDC-VCL) on Tuesday announced the appointment of Mr Narayanan Vaghul as the Chairman, Investment Committee for Biotechnology Venture Fund.

Mr Vaghul is currently the Chairman of the board of ICICI Bank Ltd, the second largest bank in India.

He said, "Biotechnology is an area where India has significant advantages, and the major growth needs to come from start-up and early stage enterprises similar to the experience in the West. The most critical ingredient for the success of these enterprises is early-stage venture capital. However, less than a handful of Venture Capitalist (VC) are addressing early stage venture capital requirements in India today. APIDC-VCL fills this gap perfectly."

The Biotechnology Venture Fund, the first-of-its-kind in the country, has attracted the support of prestigious financial institutions, banks, and insurance companies for investment to reach the targeted Rs 150 crore, said Mr S. Balasubramanyam, Chairman, APIDC-VCL.

M Sarath Naru, Managing Director, said, " We also see a naturally symbiotic relationship emerging with ICICI Ventures as a result of Mr Vaghul's association. Venture Capitalist investing is typically a collaborative effort, as proven in the US, and APIDC-VCL's portfolio companies have received co-investments from a number of VCs in the past. We also have formal relationships with UTI Ventures, Technology Development Board, ICRISAT Incubator, etc."

In addition to being the Chairman of ICICI Bank, Mr Vaghul is also the Chairman of India's first asset reconstruction company (ARC), and the Chairman of ICICI Knowledge Park.

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