Tata to develop $750 Mn IT SEZ in Chennai

Monday, 28 April 2008, 12:29 Hrs
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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
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