Tamil Nadu

Minimum investment by private partners for COVID-19 projects fixed at ₹50 crore

The Tamil Nadu Industrial Development Corporation (TIDCO), which hopes to tie up with private companies for projects to produce COVID-19-related medical equipment and drugs, has fixed ₹50 crore as the minimum investment by each partner.

TIDCO recently called for expression of interest for the projects.

May 31 is the last date for submission of proposals for the manufacture of high-end medical devices, oxygen plants and concentrators and vaccines.

An emerging sector

In fact, the C. Rangarajan Committee, constituted by the government last year to study the impact of the pandemic on the State’s economy, had identified the manufacture of medical devices and pharmaceutical products as the emerging sector.

Official sources said the Tamil Nadu Industrial Development Corporation has envisaged the current initiative as a long-term measure. Its contribution towards equity may be 11%. Though TIDCO has invited proposals in the context of COVID-19, it is receptive to proposals relating to other diseases also, the sources said.

As for the time for the launch of these projects, the sources said the government entity is keen on early commencement, if the proposals are in order.

Last week, the government announced incentives for the production of liquid oxygen and other products required to tackle the pandemic.

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Printable version | Jun 14, 2021 10:40:23 AM | https://www.thehindu.com/news/national/tamil-nadu/minimum-investment-by-private-partners-for-covid-19-projects-fixed-at-50-crore/article34582637.ece

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