New Delhi, Apr 28 (UNI) Tata Realty and Infrastructure Ltd (TRIL), a wholly-owned subsidiary of Tata Sons Ltd, today said it has entered into an agreement with Tamil Nadu Industrial Development Corporation (TIDCO) to jointly develop a Rs 3,000 crore IT special economic zone (IT SEZ) at Taramani in Chennai.
The company will also set up an International Convention Centre and a five-star hotel or service apartments in a joint venture with Indian Hotels Company Ltd (IHCL).
The IT SEZ, expected to generate direct employment to about 40,000 people and indirect employment to another 15,000, will be implemented in two phases, with first phase of 2.3 million square feet being ready by 2009-end.
The entire project of around four million sq ft would be completed by 2011.
''We are indeed proud to have successfully bid for the TIDCO, Taramani Project. The project will be a key milestone towards bridging the development of IT&ITES SEZ in the country,'' said Mr R K Krishna Kumar, Chairman, TRIL and Director, Tata Sons.
TRIL is currently focussing on developing IT-ITES SEZ's, commercial office spaces and retail malls across India.
A joint venture agreement for the IT SEZ at Taramani was signed by Mr S Ramasundaram, IAS, Chairman and Managing Director TIDCO and Mr R K Krishnakumar, Chairman, TRIL and Vice-Chairman, Indian Hotels Company Ltd (IHCL) in the presence of Tamil Nadu Chief Minister Kalaignar M Karunanidhi.
TRIL is a new enterprise of Tata Sons Ltd, the holding company of the TATA Group and has embarked on a number of large projects for real estate and infrastructure development.
TRIL is also the Investment Advisor to TRIF Investment Management Ltd, a 100 per cent subsidiary of Tata International AG. TRIF Investment Management Ltd has recently closed a 700 million dollar Tata Realty Initiatives Fund.
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