An Information Technology Special Economic Zone and integrated township, spread over a total extent of about 350 acres, will come up in Kancheepuram district, near Chennai. The project will employ about 50,000 people.
A memorandum of understanding to develop them was signed on Friday by representatives of ETA Star Property Developersand the Tamil Nadu Industrial Development Corporation in the presence of Chief Minister M. Karunanidhi.
TIDCO will be a partner in the Rs.3,750-crore joint venture project, ETA Startech City. The entire land has been purchased by the Dubai-based ETA Ascon group and no acquisition had to be done by the government, according to a press release. The project will be implemented over a period of three years.
As much as 175.3 lakh sq ft of space will be created in row houses, bungalows, a shopping mall, car parks, hospitals, schools, hotels and serviced and other apartments. Companies dealing with Information Technology and Information Technology Enabled Services will occupy about 50 acres.
ETA Ascon is involved globally in civil construction, buildings and roads, real estate development, power projects, trading, shipping, port management, manufacturing, retail, automobiles, vertical transportation and building maintenance.
TIDCO will facilitate the project and get the requisite approvals from service agencies in the State, said its Chairman and Managing Director S. Ramasundaram. The work is expected to start in August. The IT SEZ part will be completed in about two years. The township part will proceed based on requirements and is expected to be completed in about five years.