TIDCO signs pact with Dubai firm for SEZ

Chennai, May 25: A Dubai-based property developer today signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to develop an IT SEZ and an Integrated Township in Kancheepuram district at an estimated cost of Rs 3,750 crore.

The project would be executed by ETA Star Property Developers Ltd, a group company of ETA Ascon, Dubai, along with the Tamil Nadu Industrial Development Corporation (TIDCO).

The MoU was signed by ETA Ascon Group Chairman Syed M Salahuddin and TIDCO Chairman and Managing Director S Ramasundaram in the presence of Tamil Nadu Chief Minister M Karunanidhi at his Gopalapuram residence here.

The project, to be implemented over a three year period, was aimed at creating 175.30 lakh square feet space for apartments, row houses, bungalows, shopping mall, car park, hospitals, schools, hotels and service apartments in a 350-acre area, which includes a SEZ for IT and ITeS in an area of 50 acres.

The SEZ would provide employment to about 50,000 people.

The entire land for the project was purchased by the ETA Group and the Government was not involved in the land acquisition process, an official release here said.

UNI