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Tamil Nadu set to raise one billion through alternative investment fund

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Chennai:  Tamil Nadu plans to raise $1 billion through the Alternative Investment Fund of the Tamil Nadu Infrastructure Fund Management Corporation Ltd (TNIFMC), a senior government official said.

The TNIFMC is an asset management company set up by Tamil Nadu Infrastructure Development Board.

The Alternative Investment Fund is expected to be launched in the next six months, said Principal Secretary (Planning and Development) S. Krishnan.

He was speaking at a conference `TN Infra: Vison 2023′ organised by the Confederation of Indian Industry (CII) here on Monday.

Krishnan said TNIFMC will be an independent and professional board-run company.

Speaking to reporters on the sidelines he said $1 billion was an indicative figure and could go up.

The TNIFMC will roll out and manage new infrastructure finance vehicles (IFV)-the Infrastructure Debt Fund, Alternative Investment Fund and Infrastructure Investment Trust, as per guidelines of market regulator, the Securities and Exchange Board of India.

These funds would be used to lend to/invest in public projects, PPPs (public-private-partnership projects) and private projects, the government had said earlier.

The potential investor groups identified for IFVs are sovereign wealth funds, banks and financial institutions, multilateral/bilateral institutions, pension funds, insurance funds, impact funds, endowments/foundations, family trusts, foreign portfolio investors and others.

(IANS)

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As A Mark of Respect To Karunanidhi, Parliament Gets Adjourned

"In his passing away, the country has lost an able administrator and an outstanding statesman. The House deeply mourns his death."

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Parliament House of India
Parliament Gets Adjourned As A sign Of Respect (Wikimedia Commons)

Both Houses of Parliament were adjourned for the day without transacting any business on Wednesday as a mark of respect to former Tamil Nadu Chief Minister and DMK leader M. Karunanidhi who died in Chennai on Tuesday.

The presiding officers of the two Houses made obituary references and paid homage to the 94-year-old political stalwart.

Lok Sabha Speaker Sumitra Mahajan described him as a visionary and a true leader of the masses and said his death “is an irreparable loss to the country and marks the end of an era”.

The members stood in silence for a short while.

A 2 Minute Silence Was Observed For Him. Flickr
A 2 Minute Silence Was Observed For M. Karunanidhi, After His Passing On Tuedsay. Flickr

In the obituary reference, Mahajan said Karunanidhi, an astute administrator, in his “long and illustrious political career” showcased his “admirable leadership qualities and worked relentlessly for the cause of the people, particularly the marginalised and the downtrodden sections of the society.

“A multifaceted persona, Karunanidhi rose to become the most celebrated screenwriter in the Tamil film industry, using the cinematic medium to deliver his political ideas to the masses. The 1952 box office hit ‘Parasakthi’, in particular, was a turning point both in Tamil cinema and for Karunanidhi,” she said.

In the Rajya Sabha, Chairman M. Venkaiah Naidu said Karunanidhi was actively engaged in social and public life.

Also Read: TTD gets Dubbing Rights For Karunanidhi’s Ramanujar Serial

“In his passing away, the country has lost an able administrator and an outstanding statesman. The House deeply mourns his death,” Naidu said.

The House observed two minutes of silence before adjourning for the day. (IANS)

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