Maharashtra Defence and Aerospace Venture Fund (MDAVF) has invested Rs 406 crore across 22 micro, small, and medium enterprises (MSMEs), according to a press release issued by the fund. Managed by IDBI Capital Markets & Securities, MDAVF supports startups in Maharashtra and other regions, focusing on sectors such as aerospace, marine technologies, and nuclear solutions.
The fund has also committed Rs 480 crore to 27 MSMEs engaged in missile systems, naval systems, and electronic warfare. According to Amey Belorkar, Fund Manager at MDAVF, IDBI Capital Markets & Securities, these investments aim to advance technological developments in defence and aerospace.
MDAVF’s activities have contributed to job creation in Maharashtra, with over 3,000 direct jobs and an estimated 10,000 to 15,000 indirect jobs generated. The fund aligns with the ‘Make in India’ initiative by supporting indigenous defence production.
Since its inception, MDAVF has executed full and partial exits from 12 companies, including Aman Aviation & Aerospace Solutions and defence electronics startup Dynalog India. These exits have generated divestment proceeds of approximately Rs 281 crore, with the fund achieving a strong internal rate of return.
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