India Rizing Fund, a first of its kind venture fund for small and medium enterprises (SMEs) making defence equipment, has received the approval from FIPB and the government to kick off its plans to raise Rs 550 crore with subscriptions from foreign investors. The Mumbai-based fund, which is promoted by the former director and India head (specialist finance) at ANZ Investment Bank, Rajesh Narayan, plans to raise $100 million (Rs 400 crore) initially, keeping provisions to scale up investments by $200 million (Rs 800 crore). It has a 10-year duration, with an option to increase it by four more years. "Our first closing is likely to be in October and the final closing by December this year," Mr Narayan told ET. More such funds may be created in the future for investment into the Indian defence production sector. The fund is close to tying up with about six foreign investors in their bid to raise money.   more »