NEW DELHI, Dec. 5 (UPI) -- Intel said Monday it has set up a $250 million venture-capital fund to boost technological research in India.
"Through the Intel Capital India Technology Fund, Intel will help Indian companies drive technology adoption locally and identify new business opportunities globally," Intel Chairman Craig Barrett said in a news release.
The fund will be used to invest in companies that can benefit from the rapid growth in the domestic IT market segment in India and provide local businesses with capital to help nurture important technologies and products developed for local use. Intel Capital will also use the fund to selectively invest in technology-oriented service companies that target overseas market segments using India's highly talented resource base. Examples of initial focus areas include cellular communications, broadband applications and wireless technologies, the company said.
Since it started investing, Intel Capital has invested more than $4 billion in more than 1,000 companies in more than 30 countries.
