“I am glad to inform you that Tamil Nadu Infrastructure Investment Fund (TNIF) has declared its first close with a total fundraising of $350 million,” Deputy Chief Minister O. Paneerselvam said here on Saturday.
The Deputy Chief Minister was speaking at the inaugural session of roundtable conference, ‘Innovative and Alternative Finance for Business and Infrastructure Development in India’ organized by World Islamic Economic Forum (WIEF), a Kuala Lumpur-based NGO, in association with United Economic Forum(UEF) Chamber of Commerce.
Paneerselvamstated TNIF, the first category Alternative Investment Fund approved by SEBI, was the first such initiative made by any state government in the country which gives equity and structured finance infrastructure projects with a revenue model. Highlighting the culturally strong ties between Tamil Nadu and Malaysia, Paneerselvamcommented, the state government has prior identified, over two hundred Infrastructure projects, requiring the investment of approximately $250 billion.
“Tamil Nadu has institutional structures, that can receive investments, by Sovereign Wealth Funds, and Sharia-compliant funds,” Paneerselvam added. The WIEF foundation, with the objective of strengthening the ties of Muslims and Non-Muslim communities through business engagements and discussions, has previously held it’s annual World Islamic Economic Forum in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, UK, and UAE and for the first time conducts WIEF roundtable in India at Chennai.
The Deputy Chief Minister thanked WIEF-UEF association for nominating Tamil Nadu as the investment destination with a target of 1 percent of it’s overall Sovereign Wealth Fund Investments. “This would amount to $33 billion which would help the society and State at large,” Paneerselvam added.
M C Sampath, Minister for Industries, Tamil Nadu Government, listed out several business-friendly schemes available in the State. “Out of 98 Memorandum of Understanding(MOU) signed in terms of Global Investors Meet(GIM) 2015, 67 projects are commissioned and the remaining are under several stages of implementation,” Sampath said.
Assuring the full support of the State Government, the industries minister urged the investors to participate in the GIM 2019 to be held in January next year and explore the investment opportunities available in the State. Talking at the event, Tun Musa Hitam, Chairman, WIEF Foundation said, Islamic finance is continuously gaining traction globally from a niche market of global banking to a growing source of funding.