A manufacturing zone being developed near Chenai by Asia’s leading business space provider, Ascendas, and a consortium consisting of top Japanese corporate finance providers, is set to attract investments to the tune of around Rs 15,000 crore. The new zone is being established inside the Rs 3,500-crore township at Old Mahabalipuram Road.
Tamil Nadu Government's Industries Department said that its Guidance Bureau, and Ascendas and the Japanese Consortium, have signed a Memorandum Of Understanding recently to set up an integrated industrial township at Old Mahabalipuram Road near Chennai in around 1,500 acres at a cost of Rs 3,500 crore, over the next five years.
“The Manufacturing Zone is to come up in this integrated industrial township and will attract an additional investment of Rs 15,000 crore with an employment potential to about 40,000 persons,” said the Department.
The township is being promoted by Ascendas, and a consortium comprising top Japanese corporate finance providers, Mizuho Corporate Bank, and JGC Corporation, to set up an intergrated township project near Chennai.
This will be one of the biggest projects announced after the Tamil Nadu Government took charge in May 2011.
Earlier, Chong Siak Ching, chief executive officer and president, Ascendas Pte Ltd said that the land would be made available by the Government to the company by the second quarter of 2012. “This will be one of the largest investments for us in the country and it will be tenth project by the company in India,” she added.
The township will be developed by the joint venture between Ascendas India Development Trust (AIDT), the private property development fund spearheaded by Ascendas, and IREO, along with the Japan Consortium. Located 50 km south of Chennai city, the development will integrate industrial, business, commercial and residential elements with lifestyle amenities.
The 1,500 acre township will provide eco-friendly infrastructure forthe growth of Japanese and international businesses and support a community of more than 40,000. Of the total 1500 acres, 400 acres is reserved for industrial development and will create employment for around 200,000 people.
Automobile and ancillary, home appliances, electronics, foods, logistics and infrastructure are some of the key industries which are expected to come up in the township, said Yoshihiro Shigehisa, chairman emeritus of JGC Group.
Infrastructure for the project will be completed by the third quarter of 2013.
A project facilitation committee will be formed under the Industrial Guidance Bureau of the Tamil Nadu Government for uninterrupted power and water supply and to develop other infrastructure.