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Phoenix SA To Invest Rs 4,000 Crore In Tamil Nadu Infrastructural Project

JAVED SAIFI | 0
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| July 13 , 2018 , 11:37 IST

A European firm Phoenix SA (Luxembourg) is set to invest mammoth Rs 4,000 crore in Tamil Nadu Infrastructure fund (TNIF), media reported on Friday. Life Insurance Corporation would also invest Rs 150 crore in the fund.

Phoenix SA is the advisor for Treetop Assets Ventures which has given a letter of intent for an investment of $600 million.

“In 2017-18, a MoU was signed with Tangedco for the renovation, modernisation of hydro power plants at a cost of Rs 500 crore. An effluent treatment plant at Rs 800 crore will be set up to supply water to industries in Tuticorin,” said the official quoted by ToI.

Also Read: IndusInd Bank Net Profit Up By 26% For FY2018, Q1 2018-19 Net Profit Is Rs 1,035 Crore

TNIFMC has been formed under the TNIDB (Tamil Nadu Infrastructure Development Board) to procure funds to carry out infrastructural development project in the state. Tamil Nadu Infrastructure Fund (TNIF) being managed by TNIFMC will also receive investments from Chennai-based public sector lender Indian Bank who also agreed to invest in the project around Rs 25 crore.

TNIFMC is also working towards mobilising the procured funds into TNIF and will also operate as an Independent board as per SEBI guidelines. The independent board comprising technical experts, financial experts, commercial experts and legal experts will take investments decisions in a phased manner in the state.