Tamil Nadu Industrial Development Corporation Limited (TIDCO)
1. TIDCO, a Government of Tamil Nadu Enterprise, was incorporated as a Limited Company in the year 1965 in order to identify and promote the establishment of large and medium scale industries within the State of Tamil Nadu in association with the private sector. The company's authorised share capital is Rs 1250 million of which Rs 942 million has been issued and has been entirely subscribed by the Government of Tamil Nadu. The Government of Tamil Nadu has also extended loan assistance aggregating to Rs 716 million as at March 31, 2006 to the company.
2. TIDCO is also registered with the Reserve Bank of India as a Non-Banking Financial Company and has successfully mobilized public deposits of Rs 1818 million as at March 31, 2006. TIDCO has been specified as Public Financial Institution within the meaning of Section 4A of the Companies Act, 1956.
3. TIDCO's association with private sector enterprises may be separated into four categories: Joint Sector, Associate Sector, Escort Sector and Escort Services. Equity participation by TIDCO in joint sector projects ranges from 11 to 26% and in the Associate Sector, TIDCO takes up from 2 to 11% equity. The Escort Sector includes ventures with 1% equity from TIDCO. TIDCO provides facilitation services for all investors and these include multi-national and overseas investors who wish to launch new ventures in Tamil Nadu. In cases where TIDCO does not take up equity participation, these projects are categorized as Escort Service projects.
4. Among project related escort service activities, TIDCO has successfully promoted the establishment of Ford India Ltd. and Hyundai Motor (India) Ltd. in addition to other reputed companies.
5. The Board of Directors of TIDCO comprises senior officials of the State Government. TIDCO has a team of professional managers drawn from the fields of Engineering, Management, Finance and Law.
6. TIDCO has commissioned seventy-five projects to date with a total equity investment of Rs. 2500 million and of these companies, TIDCO has dis-invested its holdings in twenty-two companies. TIDCO's projects cover a wide range of activities such as Iron & Steel, Fertilizers, Chemicals, Petrochemicals, Engineering, Automobiles, Agro and Food Processing, Leather, Textiles, Pharmaceuticals, Floriculture, Horticulture, Electronics & Communication, Infrastructure and Industrial parks, Agri Export Zones ( AEZs) and Special Economic Zones (SEZs).
7. Currently, TIDCO focuses on infrastructure promotion through equity participation in joint ventures.
For more details www.tidco.com
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