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Tamil Nadu
By Our Special Correspondent
The Chief Minister, Jayalalithaa, receiving the memorandum of understanding signed by the TIDCO with Singapore's Ascendas from its CEO, Chong Siak Ching, at the Secretariat in Chennai on Thursday. Looking on are Madhavan Nambiar, CMD, TIDCO, D. Jayakumar, Minister for Law and IT, and Nainar Nagendran, Minister for Electricity and Industries. — Photo: T.A. Hafeez
The MoU paves the way for the wholly-owned subsidiary of the Singapore Government-promoted Jurong Town Corporation, to undertake a feasibility study for developing an IT complex in Chennai, in addition to the TIDEL park. The Government has already allotted over 40 acres of land, adjacent to the TIDEL park at Taramani, for development of another IT complex. This will initially involve the development of about five lakh sq. feet and ultimately 10 lakh sq. ft. on an investment of Rs. 400 crores. Ascendas will take responsibility for the implementation of the project, including managing it, and assisting the Special Purpose Vehicle to structure its financing. It will also act as the lead-marketing agent. While thanking the company for its interest, Ms. Jayalalithaa invited it to take up special projects in Coimbatore, Madurai and Tiruchi. She also urged the Singapore company to set up a biotechnology park in the State. Apart from the Industry Minister, Nainar Nagendran, the IT Minister, D. Jayakumar, top officials, along with the Singapore High Commissioner to India, See Chak Mun, were present when the TIDCO Chairman and Managing Director, Madhavan Nambiar, and the Ascendas Chief Executive Officer, Chong Siak Ching, signed the agreement. Officials said that despite the current downturn in the IT sector, both the TIDCO and the Singapore firm were confident of a bounce-back, and it would be useful to get the infrastructure in place for the next bout of expansion. Chennai, being the ``landing ground'' for two submarine cables from Singapore, which would enhance the bandwidth to 10+ tbps, provided a further impetus to the IT industry. They said the development of a Knowledge City and the second IT complex offered ample opportunities for both infrastructure development and the setting up of projects. Though many States were keen on promoting joint ventures with Singapore, the City State wanted to focus its attention on chosen locations, including Tamil Nadu. ``There are many projects in the pipeline,'' a senior official said.
Road map for development
The official noted that the Chief Minister's address to FICCI on Friday would provide a road map for development and growth in the State. She had already spoken to captains of industry in the Confederation of Indian Industry and this was another initiative to set the pace. The Chief Minister's address to the FICCI would be followed by a special session on `Tamil Nadu - Prime investment destination in India', on Saturday. It will be chaired by the Chief Secretary, Sukavaneshwar. The focus will be on infrastructure development and the two key sectors — IT and biotechnology. The Government's focus on development of wasteland and desalination projects will be come up for discussion. Some of the top officials dealing with industrial development will be on hand to highlight the State's plans and clarify the doubts among industrialists.
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