The state government-owned Tamil Nadu Green Climate Fund has closed its first investment. The fund, managed by Tamil Nadu Infrastructure Fund Management Corporation Ltd (TNIFMC), has concluded a shareholder agreement with a PET recycling company based in Tamil Nadu.
It will acquire a minority stake in the company for an as-yet undisclosed consideration.
Speaking at a conference titled ‘Climate-proofing MSMEs: Pathways for Resilient and Green Manufacturing in Tamil Nadu’, organised jointly by the Madras Chamber of Commerce and Industry and Puducherry-based Auroville Consulting, K Krishna Chaitanya, CEO of TNIFMC, said the fund had also signed two more term sheets. Details of these investments would be announced in due course.
The Tamil Nadu Green Climate Fund is one of three funds managed by TNIFMC, the other two being the Tamil Nadu Shelter Fund and the Tamil Nadu Emerging Sector Seed Fund.