Chennai, Dec 8 (PTI) The Tamil Nadu government on Wednesday announced the signing of memorandum of understandings between Tamil Nadu Industrial Investment Corporation Ltd (TIIC) and Tamil Nadu Small Industries Development Corporation (TANSIDCO) to serve the micro, small and medium industries in the state.

TIIC entered into two MoUs with TANSIDCO and TAICO Bank (Tamilnadu Industrial Co-operative Bank Ltd) Bank in the presence of industries minister Thangam Thennarasu and MSME Minister T M Anbarasan for smooth implementation of the industrial infrastructure initiative scheme to MSMEs.

Also Read | Apple Looking Into Call Drop Issue on iPhone 12 & iPhone 13 Models.

TIIC in association with Tamil Nadu Small Industries Corporation also partnered with TAICO Bank to undertake co-lending activities to support the MSMEs respectively, an official release said here.

The MoUs would enable TIIC, TAICO Bank and TANSIDCO contributing towards realising Chief Minister M K Stalin's vision of making Tamil Nadu State reach the USD 1 trillion economy by 2030.

Also Read | West Side Story: Throwback! When Bollywood Already Made Its Adaptation in This Shah Rukh Khan-Aishwarya Rai Bachchan Film!.

The government said TIIC has introduced the 'Industrial Infrastructure Initiative Scheme" with the objective of providing financial assistance to MSMEs to purchase plots in State Industries Promotion Corporation of Tamil Nadu (SIPCOT) and TANSIDCO industrial estates to set up their units.

"The interim loan provided under this scheme enables the MSME units to get their plots earliest so that they may start their commercial operations without any delay", the release said.

Seamless availability of working capital propels the MSMEs to grow and scale up thereby ensuring their viability, besides providing them with a liquidity cushion to carry out their operations, it said.

TIIC and TAICO Bank have decided to enter into a MoU for co-lending activities to facilitate the MSMEs in the State in getting working capital along with term loans for fixed asset creation.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)