IDFC to focus on 3 projects in Tamil Nadu

Infrastructure Development Finance Co Ltd's (IDFC) focus projects in Tamil Nadu will be Ennore Special Economic Zone (SEZ), Chennai desalination plant and information technology parks.

IDFC is a joint equity partner along with Tamil Nadu Industrial Development Corporation (Tidco) and Ennore Port in Ennore SEZ Company.

Anupam Srivastava, senior director-business development, IDFC, said that Pricewaterhouse Cooper is undertaking the feasibility studies for Ennore SEZ company, and is expected to submit its preliminary report by the end of the month.

Addressing mediapersons, Rajiv B Lall, managing director and CEO, IDFC, said that Ennore SEZ, the company's first project development initiative, is estimated to cost over Rs 2,000 crore.

Anupam Srivastava said that IDFC will eventually move to become a minority equity holder when private players participate in the Ennore SEZ Company.

"We are focusing on developing IT parks. However, we have developed only one in Karnataka, so far," said Lall.

IDFC is providing financial consultancy to one of the bidders for the Chennai desalination plant. The company is also advising Chennai Metro Development Authority on the Chennai Infrastructure plan.

The institution's sanctions to Tamil Nadu is estimated at Rs 700 crore during 2004-05. The total borrowing of IDFC for the current year is estimated at Rs 7,500 crore.