ETA Ascon group chairman Syed M Salahuddin and the chairman and managing director of Tidco, S Ramasundaram, signed the memorandum of understanding for the project in the presence of chief minister M Karunanidhi here on Friday.
The project to be implemented in three years would create space to an extent of 175.30 lakh square feet for apartments, houses, bungalows, shopping mall, car park, hospitals, schools, hotels and service apartments in about 350 acres. This would include IT and ITeS SEZ in about 50 acres. According to an official release, the project when completed would employ over 50,000 people.
The land for the project had been privately purchased by the ETA Group and no land acquisition by the government was required, the release added.
ETA Ascon is globally involved in various business including civil construction, building and roads, real estate, power projects, trading, shipping, ports management, manufacturing, retail, automobiles, vertical transportation, building maintenance etc. It is already well-established in the construction and real estate business in India.