Madurai

State approves proposal of TIDEL Park to set up facility in tier 2, 3 towns

The Tamil Nadu Government has cleared the decks for establishing mini-IT Parks in four districts identified in the first phase.

Approving a proposal of TIDEL Park Ltd. to create mini-IT Parks with an area of 50,000-1 lakh square feet space to start with based on market demand and assessment, the government agreed to take up the project in Salem, Villupuram, Cuddalore and Theni districts.

Collectors in these districts were directed to identify non-objectionable government lands, to the tune of 10-20 acres as desired by TIDEL Park, suitable for the project.

Stating that the project was capable of bringing in a lot of social benefits and had the potential to steer IT sector growth in tier 2 and 3 towns, TIDEL Park’s Managing Director in his proposal called for formation of a separate Special Project Vehicle between TIDEL Park Ltd., and Government or agency nominated by the government for the purpose of implementing the project.

According sanction for transfer of non-objectionable government lands as required by TIDEL Park to the SPV, the State directed that the land cost as fixed by the respective District Collectors shall be equity contribution of the government and TIDEL Park Ltd., could invest in the project through its own resources or loans raised from other sources.

The Collectors were also authorised to give enter upon permission to TIDEL/SPV pending the land transfer as per rules. The Tamil Nadu Industrial Development Corporation (TIDCO) would represent the government in the SPV.

TIDEL Park Ltd., was established in the year 2000 as a joint venture between TIDCO) and Electronics Corporation of Tamil Nadu (ELCOT) at a cost of ₹ 292 crore and it provides network connectivity with direct satellite uplink.

This article is closed for comments.
Please Email the Editor

Printable version | Apr 19, 2021 3:32:30 AM | https://www.thehindu.com/news/cities/Madurai/state-approves-proposal-of-tidel-park-to-set-up-facility-in-tier-2-3-towns/article34014520.ece

Next Story