The Tamil Nadu Industrial Development Corporation (Tidco) and Tata Sons are joining hands to set up a Rs 3000-crore information technology special econonic zone at Taramani in Chennai. Tata Sons has floated a new venture, Tata Realty and Infrastructure Ltd, for this.
A formal agreement to carry out the project was signed here on Monday between R K Krishnakumar, chairman of Tata Realty and Infrastructure Ltd, and vice-chairman of Indian Hotels Company Ltd, and S Ramasundaram, chairman of Tidco, in the presence of Chief minister M Karunanidhi.
The zone, coming up in 25.27 acres, will have international conference halls, five-star hotels and multistorey housing complexes. The Rs 3000-crore project would have a total built-up area of 40 lakh sq ft. In the first phase, an area of 20.30 lakh sq ft would be ready in 2009. The project would be fully complete in 2011, an official release said. It will employ 55,000 people – 40,000 directly and 15,000 indirectly.
