Development of the power loom sector reported in the country
Development of the power loom sector reported in the country

New Delhi: The TEX Fund has a minimum corpus of Rs 35 crores with Government of India's contribution of Rs 24.50 crores and the Small Industries Development Bank of India (SIDBI) has a minimum contribution of Rs 10.50 crores. SIDBI Venture Capital Limited (SVCL) is the Investment Manager of the TEX-Fund.

This information was given in a written reply by the Union Minister of Textiles, Smriti Zubin Irani in Rajya Sabha on Tuesday.

The Government of India is implementing the Venture Capital Fund for Powerloom and Allied Products and Services (TEX-Fund), as a component under PowerTex India scheme with effect from April 1, 2017.

The TEX-Fund is aimed at providing equity investment to micro and small enterprises in the power loom sector to boost innovation in the industry by the creation of brands and generation of intellectual property and enable the development of the Powerloom Sector and allied activities.

A toll-free helpline 1800222017 has also been launched to provide multiple support services for availing benefits of PowerTex India Scheme. The mobile app i.e. iPowerTex can be downloaded from google play store.

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