"We would be launching the Rs 100 crore National venture capital fund some time next week. All formalities regarding the launch of the fund including registration with the Sebi are complete," Narain said at the India Economic Summit, being jointly organised by the World Economic Forum and the CII.

The fund would have a contribution of Rs 50 crore from Sidbi, Rs 30 crore from the Central government and Rs 20 crore from the IDBI, he said.Sidbi will soon launch a Rs 50 million venture capital fund in the next three months to finance infotech start-ups of non-resident Indians in the United States and the European Union, he said adding the bank was already in negotiations with the Commonwealth Development Corporation (CDC) and a couple of investment funds from the US for their participation in the fund.

"CDC has already made a proposal to US and we are scanning proposals of a couple of funds from the united kingdom as well," Narain said. The overseas venture capital fund would be aimed at providing finance to NRIs in taking over small and medium sized companies in Europe and the US, Narain said adding the days of Indians buying out foreign start-ups were not far away. Sidbi would also launch a brand equity fund for popularising Indian brands abroad, he said. Narain said the bank had already sought the Government's permission of to secure a part of the corpus of India brand equity fund set up under the commerce ministry to kick off its brand equity fund. "We are looking at promoting brands overseas and would prefer to take equity in such companies using the fund," he added.

He said the bank had already received about 136 proposals seeking investment by the bank under the venture capital fund to be launched next week.