Diversified business group, Godrej Industries, has set up a US$50 million venture capital fund along with a set of individuals to invest in agri start-ups, according to Economic Times.

Adi Godrej, Chairman Godrej Group, said: "A venture capital fund is being promoted by Godrej Agrovet in partnership with other professionals for funding the start-ups in agriculture."

The new venture, Omnivore Capital, is targeting a corpus of $50 million (about 2.8 billion rupees; INR), to which Godrej will contribute ten per cent.

"Godrej Agrovet will pool in $5 million to the fund and rest would be raised by other professionals associated with the fund," Mr Godrej said. He did not name the other partners.

Asked whether Omnivore has already identified projects for investments, Mr Godrej said nothing has been finalised so far.

"There are preliminary talks going on with several people but nothing has been finalised so far. The fund will look at innovative agri-projects in India and abroad," he added.

Godrej Agrovet, the agribusiness division of the Group, deals with products and services that increase crop and livestock yields, according to Economic Times. The company has interests in animal feed, oil palm plantations, agri-inputs and poultry, and registered a total sales of INR15.8 billion in 2009-2010.