Ascendas, Tidco To Set Up Rs 140-Cr It Complex
Chennai seems to be addressing the need for international quality built-up space required by multi-national IT and ITES companies.
Ascendas, a Singapore-based business solutions provider, and Tamil Nadu Industrial Development Corporation (Tidco) on Tuesday signed an agreement to form a joint venture to build a 5,00,000 sqft of IT complex by October 2004.
The five-acre IT complex will create quality built-up space and is estimated to cost around Rs140 crore ( S$ 52 million). The new IT complex will be developed in three phases.
Also Read
Ascendas will hold 89 per cent of the equity in the new IT complex and the remaining 11 per cent will be held by TIDCO and the latter will allocate land as part of its equity. The new IT complex would be constructed adjacent to the existing Tidel Park in Taramani situated at the beginning of the IT corridor.
The joint-venture agreement was signed between by Chong Siak Ching, the president and CEO of Ascendas and Arun Ramanathan, the CMD of Tidco.
According to the MoU, Ascendas would take the responsibility of implementing the whole project which would include managing and financing of the project.
Real estate industry sources say in Chennai there has been a delay to develop new IT complexes similar to that of Tidel Park. In the last one year few big IT and ITES multi-national companies have moved to Bangalore because of the lack of good quality commercial built-up space in Chennai.
In a press statement Ching of Ascendas, said: