Page 12 - NEWSLETTER OCT to DEC 2023 Vol57

• Secretary indicated that the issuance of Govt. • HUDCO’s association with apex Co-operative
Guarantee and Budgetory Provision affects the FRBM Societies such as Tamil Nadu Handloom Weavers
limits of State Government. Co-operative Society (TNHWCS) and Tamil Nadu
• CMD agreed to it and clarified that HUDCO is ready to Co-operative Housing Federation was discussed.
finance projects based on the financial strength/cash • CMD explained about the new competitive interest
flow and not to insist on Government Guarantee for all
rates for both short term and long term borrowings.
the projects.
• CMD explained about the new competitive interest Meeting with Shri Sandeep Nanduri IAS, Managing
rates for both short term and long term borrowings. Director, Tamil Nadu Industrial Development
Corporation Ltd. (TIDCO)
• HUDCO’s on-going CSR projects and the potential
CSR projects were also discussed.
Meeting with Smt. V Devaki MD/Addl. Registrar of
Co-op. Societies and Shri V Shanmugasundaram, GM
Tamil Nadu Co-operative Housing Federation (TNCHF)

• CMD explained about the new competitive interest
rates for both short term and long term borrowings.
• MD, TIDCO requested special rate from HUDCO for
the unique projects such as Development of Aerospace
• TNCHF officials met CMD and DCP at CRO and and Defence Industrial Park at Sriperumbudur and
discussed about their plotted development projects at Development of Fintech Tower at Nandambakkam,
Chennai, Madurai, Nagercoil etc. Chennai
• Funding requirement from HUDCO would be around • CMD agreed in-principle and instructed the RO
45% of the project cost. officials to follow up with the agency for submission
and approval of the proposal.
• It was also informed by the officials that TNCHF is
making profit for the past three years.
Meeting with Shri C Samayamoorthy IAS, Secretary,
• Federation’s assets can be submitted as additional Housing and Urban Development Dept. (Govt of Tamil
security for shortfall if any. Nadu)

• CMD insisted for escrowing all the receivables of
TNCHF and having first charge on the same.

Meeting with Shri Dayanand Kataria IAS,
Commissioner, Tamil Nadu State Co-operative
Societies Election Commission, Govt. of Tamil Nadu

• Secretary emphasised that Tamil Nadu being a higly
urbanised state, lot of urban infrastructure projects
are in pipeline and also clarified that Government
Guarantee for all the schemes will not be possible.
• Gap funding in Govt of India Action Plan Schemes was
also discussed.

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