TN plans financial city near Chennai

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Posted: Friday, Sep 25, 2009 at 2333 hrs IST
Updated: Friday, Sep 25, 2009 at 2333 hrs IST

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Chennai: As part of its plan to diversify into new avenues of investment, job creation and public-private partnership projects, Tamil Nadu plans to build a financial city close to the multitude of information technology enterprises housed in the state.

KPMG Advisory Services is preparing a feasibility report. The city, with world-class infrastructure, will take shape in phases, deputy chief minister MK Stalin, has said.

The Tamil Nadu Industrial Development Corporation (Tidco), the nodal agency for co-ordinating the development of this project, has prepared a concept paper on the financial city. A core advisory team, including leaders in finance, banking, insurance, information technology and financial service industries, has been constituted to assist Tidco to formulate the blueprint for the project.

The concept paper envisages that the Chennai financial city would focus on industries such as banking, insurance, re-insurance, risk management, actuarial services, wealth management services etc.

The city, expected to come up on a sprawling 180-acre site on the IT Expressway (Rajiv Gandhi Salai), would also house the IT product and solution vendor teams that cater to the needs of the financial institutions. The new projects would include IT infrastructure management and customer servicing, IT-enabled services and business process outsourcing (BPO) services to support the core financial institutions that would come up in the proposed city.

There would also be training centres, staff training colleges and other educational institutions. The deputy chief minister had mooted the establishment of a financial city near Chennai last July, during the Budget session of 2009-10.

The idea of a financial city in Chennai was one of the various suggestions of the Confederation of Indian Industry, Tamil Nadu State Council, to attract investments to the state.

While the project has full backing of the industry, experts agree that better infrastructure—in terms of air connectivity, roads, power supply and other supporting facilities—have to be in place for the city to bloom into a financial hub of global standards.

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» FINANCIAL CITY AT CHENNAI

Posted by govindarajalu on 2009-10-27 12:12:48.961616+05:30
I wish to highlight the following message in the report:"While the project has full backing of the industry, experts agree that better infrastructure—in terms of air connectivity, roads, power supply and other supporting facilities—have to be in place for the city to bloom into a financial hub of global standards". I wish to supplement the point with the following suggetions.1.A world class 6 lane express roadway from Sholinganallur-Thambaram(or)Vandalur, bypassing the already congested Medavakkam town.The road should proceed westward further,crossing NH 45 to connect NH 4 with an access to the proposed green International Airport at Sriperumputhur.2. Laying of a metro railway line along the proposed Express way to have a metro rail link with southern districts from Thambaram or Vandalur as well as with Bangalore Railway line near Arakkonam or at an appropriate place.By taking up this metro rail project simultaneously with the road project would avoid a lot of money and time.By providing the vital infrastructural facilities to connect airports ,railways ,fast track world class roads to link the important National highways would go a long way for the success of the Financial hub.These infrastructural facilities would be a boost to the already established IT Software Industries located in the Rajeev gandhi Road near Sholinganallur.It may look very expensive now.Considering the benefits in the long run,it is nothing.

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TN plans financial city near Chennai

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