CHENNAI: The Tamil Nadu Industrial Development Corporation (TIDCO) has signed
a Memorandum of Understanding with Singapore's Ascendas (India) to set up an IT
complex in Chennai (in addition to the TIDEL Park). A wholly owned subsidiary of
the Singapore Government promoted by Jurong Town Corporation, Ascendas, will be
in charge of implementing the project, which would include managing it and
assisting the Special Purpose Vehicle to support its financing as well as act as
the lead-marketing agent.
Forty acres of land has been allotted by the Tamil Nadu Government for the
development of this IT complex. This new complex comes very much adjacent to the
TIDEL Park in Taramani. The project will at the first phase involve the
development of about five lakh sq. feet and finally 10 lakh sq. feet in an
investment of Rs 400 crore.
Tamil Nadu chief minister, J Jayalalithaa who witnessed the signing of the MoU
gave her courtesy to the company in taking interest in the State and asked them
to take up special projects in Coimbatore, Madurai and Tiruchi too. The company
is also pondering a proposal to set up a bio-tech park in Chennai.
Second IT complex to come up in Chennai
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