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. 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. ´The $1 billion is just an indicative figure and we may even raise more than that. This would be a first-of-its-kind infrastructure financing initiative by any state in India,´ said Krishnan. TNIFMC will operate as an independent and professional company with a Board of Directors as per SEBI regulations.
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