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The Tamil Nadu Infrastructure Fund Management Company (TNIFMC), established by the state government, plans to attract more international investment for the fund for the Infrastructure and the Tamil Nadu Housing Fund (for affordable housing), said Deputy Minister, O. Panneerselvam, Saturday.
"We have created the Tamil Nadu Infrastructure Fund, which is the first Alternative Clbad I investment fund, regulated by the Securities and Exchange Board of India. It offers investment infrastructure and structured finance projects that are based on a revenue model, "he told a conference on innovative and alternative financing for business and infrastructure development.
Sharia Finance
The conference was organized by the Chamber of Commerce of the United Economic Forum and the Foundation of the World Islamic Economic Forum.
The purpose of the conference was to raise public awareness of Sharia-compliant finances. "If a state is ready to receive and base investments of such a large volume, it is Tamil Nadu. The state government has identified more than 200 infrastructure projects requiring an investment of about $ 250 billion, "he said.
The Deputy Deputy Minister stated that both funds have institutional structures that can receive investment through sovereign wealth funds and sharia. compliant funds.
TNIFMC worked with government agencies and private developers to identify projects in the industrial water, industrial parks, green energy and related projects.
First Funding
The first funding was collected. local and international investors. The Tamil Nadu Infrastructure Fund also announced its first closing, with a total fundraising of $ 350 million, he said.
Shelter Fund, a social impact fund, would allow investors to earn profits and achieve social and environmental benefits.
Once again, the Tamil Nadu Housing Board, a one-of-a-kind fund, provided a start-up investment of Rs. 150 billion, Panneerselvam said. The Tamil Nadu government has announced that the government will build 0.5 million affordable housing units over the next five years, which will require an investment of 60 billion crore.
Sampath, K. Gnanadesikan, Secretary of Industries, Arif Buhary Rahman, President of the UEF Chamber of Commerce, and Tun Musa Hitam, President of the WIEF Foundation, spoke.
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