Tata to develop $750 Mn IT SEZ in Chennai

Monday, 28 April 2008, 12:29 Hrs
Printer Print Email Email
Chennai: Tata Realty and Infrastructure (TRIL) Monday announced an agreement with Tamil Nadu Industrial Development Corporation (TIDCO) to jointly develop an IT special economic zone (SEZ) at a cost of 30 billion (nearly $750 million) here.

Located on a 25-acre plot in Taramani, the SEZ will include a five-star hotel or service apartments, an international convention centre and help generate direct employment for 40,000 people and indirect employment to another 15,000.

TRIL chairman R.K. Krishna Kumar, who is also a director of Tata Sons Ltd, said the project would prove to be a milestone towards bridging development of IT and ITES-SEZs in India.

The SEZ is to be implemented in two phases - the first phase of 2.30 million square feet will be ready by end-2009 and the remaining 1.70 million would be completed by 2011.

The jont venture agreement for the IT SEZ was signed by TIDCO chairman and managing director S. Ramasundaram and Krishnakumar here in the presence of Tamil Nadu Chief Minister M. Karunanidhi.

TRIL is a new enterprise of Tata Sons Ltd., the holding company of the Tata Group. It has embarked on several projects for real estate and infrastructure development.
Source: IANS
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..