Chennai: Tamil Nadu has received the nod from the market regulator Securities and Exchange Board of India (SEBI) to launch its State Shelter Fund for attracting investments in the affordable housing segment, Deputy Chief Minister of the State O Panneerselvam said here on Saturday.
Panneerselvam, participating in an event, said, the Tamil Nadu government established the Tamil Nadu Infrastructure Fund which is the category-I Alternative Investment Fund.
"The government received the approval from SEBI to launch the Tamil Nadu Shelter Fund for affordable housing (segment)," he said at a conference on 'Innovative and Alternative Finance for Business and Infrastructure Development in India' organised by the United Economic Forum (UEF) Chamber of Commerce and World Islamic Economic Forum Foundation (WIEF).
The Deputy Chief Minister said, "The fund is a social impact fund to provide investors with profit besides getting social and environmental benefits."
On the Tamil Nadu Infrastructure Fund taking up projects, he said, "The first round of funding has been raised from both local and international investors."
"I am happy to inform you that the infrastructure fund has also declared with a total fund-raising of USD 350 million", he said.
Panneerselvam said the UEF and WIEF have been working together to attract more investments into Tamil Nadu and have set a target of attracting one per cent of sovereign wealth fund investments.
"This would amount to USD 33 billion. Such investments will immensely benefit the State and society at large".
Panneerselvam said the State was ready to receive such huge investments and that it has identified over 200 infrastructure projects requiring investments of approximately USD 250 billion.