Sivasubramanian Ramann, chairman and managing director, Small Industries Development Bank of India (SIDBI), on Thursday presented an in-principle approval letter to Chief Minister M.K. Stalin to provide financing of ₹524 crore under SIDBI’s Cluster Development Fund to strengthen the MSME clusters in the State.
Tamil Nadu is the first State to get funding under the SIDBI Cluster Development Fund.
Under this scheme, the Kancheepuram precision engineering cluster, the e-vehicle components cluster in Coimbatore, a 20 MLD TRO project to supply water to industries in Hosur, a medical equipment park at Oragadam, housing for workers at Ambattur and Coimbatore, among others, would be implemented, according to a government press release.
In a separate press release, SIDBI said project-specific, moderately priced loan assistance under the fund will be extended to the State government for upgrading various existing MSME clusters and for developing new industrial infrastructure facilities in the State.
“The thrust shall be laid on clusters in sectors/sub-sectors which can directly benefit the MSMEs in the State, and to bring them to the level ‘NEXT’, wherein they emerge vibrant, higher on the value chain and become sustainable,” Mr. Ramann said in the statement.