Bharat Ratna Dr. Babasaheb Ambedkar Special Package Scheme of Incentive for SC / ST Entrepreneurs Ė Investment Fund
On the occasion of the 125th birth anniversary of Bharat Ratna Dr. Babasaheb Ambedkar, the Honourable Chief Minister of Maharashtra has formulated a new policy for SC/ST entrepreneurs in the State to make them self-sufficient and financially independent. The special package of incentives will be over and above the existingEntrepreneurship Development Schemes and Package Scheme ofIncentives, 2013. The scheme will be applicable for manufacturing and services industries set up by SC/ST entrepreneurs.
One of the initiatives under the Scheme is setting up of an Investment Fund with the primary objective of promoting and providing finance to sustainable enterprises which are fully owned by SC & ST entrepreneurs.The definition of SC /ST enterprises to qualify for the Fund is as below:
- Proprietor Unit - 100% stake by SC / ST entrepreneur
- Partnership firm - SC / ST partners having 100% stake in the firm
- Cluster Units -Cluster units of SC / ST approved by the Industries Department, Government of Maharashtra
- Private Ltd. /Public Ltd. Companies - Enterprise having Promoters& Directors having 100% controlling stake in the Company
FDI will be freely allowed in such enterprises within the prescribed limits of existing policy of GOI. In no case, the shareholding of SC/ ST entrepreneurs would be reduced from 51%. The controlling stake at any point of time should be retained throughout the operative period of the scheme.
Entrepreneurs should have Caste Certificate along with Caste validity certificate issued by respective Competent Authority. Also, all stakeholders / entrepreneurs should be domicile of Maharashtra State.
The Fundís investments will be done in securities (both debt and equity) of enterprises of SC / ST through multiple instruments such as equity / equity related investments, convertible instruments, debentures, etc.
The Fund is sector agnostic and all manufacturing enterprises as per MSMED Act 2006 are eligible for the Fund. Service enterprises viz. Health Industry, Tourism including transportation, IT & ITES, Hotels, R&D Centres for BT / Pharma, Wholesale / Retail Chain, Food chains and any other service sectors which have multiplier effect in different locations are eligible for the Fund. However, the Fund would refrain from offering financial assistance to entities involved in Alcohol /Tobacco based industries, Gold trade, NBFCs (except Micro Finance Institutions), Diamond trade,real estate, trading and all products and services banned by the Government of India and / or Government of Maharashtra from time to time.
Standardised Application formats have been prepared for eligible entities desirous of availing of financial assistance from the Fund. The application formats are available on the website of Government of Maharashtra as well as the website of IDBI Capital Markets & Securities Ltd. Interested entities are required to fill up the form and send it on or before February 1, 2018 to the following address:
Mr. Anantapadmanabhan Sarma
Executive Vice President
IDBI Capital Markets & Securities Ltd.
3rd Floor, Mafatlal Centre
Nariman Point, Mumbai - 400021
Preliminary Application Form
Detailed Application Form