TN to mobilise Rs 3,000 cr: Finance Minister

Chennai, Jul 21: Tamil Nadu government has promoted the Tamil Nadu Infrastructure Fund as an Alternative Fund and is in the process of mobilising Rs 3,000 crore, Finance Minister O Pannerselvam said here today.

"In a landmark initiative, for the first time in the country, the State has promoted Tamil Nadu Infrastructure Fund as an Alternative Fund Category-I, through the Tamil Nadu Infrastructure Fund Management Corporation,"he said presenting the budget for the financial year 2016-17.

"The fund has

been registered with the Securities and Exchange Board of India (SEBI) and is now in the process of mobilising of Rs 3,000 crore," he said. The fund would be used for new infrastructure projects to be taken up during the current financial year.

The government has set up the Tamil Nadu Infrastructure Development Board to support and execute the projects as per the Vision 2023 document released by Chief Minister Jayalalithaa in 2014.

"In the revised budget estimate Rs 2,000 crore has been allocated for the Tamil Nadu Infrastructure Development fund and Rs 100 crore has been allocated for Project Preparation Fund," he said.

PTI