The Tamil Nadu Infrastructure Fund Management Corporation Ltd (TNIFMC), an asset management company (AMC) formed under the Tamil Nadu Infrastructure Development Board (TNIDB), plans to raise an alternate investment fund of around $1 billion to support infrastructure development in the State.
Speaking at the TN Infra: Vision 2023, organised by the Confederation of Indian Infrastructure (CII), S Krishnan, principal secretary to Government of Tamil Nadu, Planning & Development said that TNIFMC is established as an AMC regulated by Securities and Exchange Board of India (SEBI) to establish and manage new infrastructure financing vehicles (IFVs).
The fund is expected to be launched in the next six months.
TNIFMC will operate as an independent and professional Board run company with Board of Directors as per SEBI regulations. An Independent Investment Committee comprising of experts from technical, financial, commercial and legal fields will be formed to appraise investment infrastructure projects in the state, said Krishnan.
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