VIAGALAM: Aussie-based real estate firm Home Capital has given a total of $5.6 million to the Tamil Nadu Government to pay down debt incurred by it in its land deal for the purchase of land from the Tamil Tamil Nadu Electricity Board (TNEB).
In a statement on Tuesday, Home Capital said it was making the donation to help pay down the debt incurred in acquiring land for the land deal from the TNEB, which it has been embroiled in a legal battle with the state government over.
The company said the donation was made through its subsidiary, Home Equity Partners, a subsidiary of its parent company, Home Financial Group, which owns the Home Capital company.
The subsidiary is the only one of the three largest investment firms in Tamil Nadu.
The TNEb has been facing a debt of over Rs 40,000 crore as a result of its acquisition of land for its nuclear power plant at Kancheepuram in 2014.