July 21, 2009

Public-Private Fund to Bolster Tech Firms (2)

More details about the public-private (industrial innovation) fund are disclosed, according to Nikkei published last weekend. About 20 major Japanese companies will invest $5 million each in the fund, which includes Panasonic Corp, Tokyo Electric Power Co., Sharp Corp, Hitachi Ltd., Nippon Oil Corp., Osaka Gas Co., Sumitomo Electric Industries Ltd.. Asahi Kasei Corp., JGC Corp. and Sumitomo Chemical Co. In addition to $820 million from the government, the fund will start with $900 million in capital. The government plans to boost the capital to roughly $2 billon in the future by soliciting investment from overseas institutional investors and others. The fund will support start-ups and cutting-edge technologies with promising futures.

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