Tiruchirapalli

SPV to be formed as trade centre takes shape

A fencing has come up at the site identified for establishment of a permanent trade centre at Panjapur on the outskirts of Tiruchi city.   | Photo Credit: M_Moorthy

Having fenced the site where a trade centre is to be established at Panjapur on the city outskirts, the Tiruchi District Tiny and Small Scale Industries' Association (TIDITSSIA) has initiated the process of forming a Special Purpose Vehicle (SPV) for establishing the facility.

“We are keen on starting the civil works at the earliest,” Association president N. Kanagasabapathy said. The Tamil Nadu Small Industries Development Corporation Limited (SIDCO) is said to have already paid the land cost to the tune of ₹5 crore after which the TIDITSSIA marked the boundary for the 9.42 acre site.

The project, a long-felt need, was sanctioned in the 2017-18 Budget. Earlier this year, the district administration granted enter-upon permission to the association for starting the project.

A total investment of ₹11 crore will be required for the project. The project cost includes the land value of ₹ 1.63 crore and buildings to the worth of ₹4.06 crore.

The SPV expected to be floated as the next step by TIDITSSIA will bear the operational, maintenance and land cost. The SIDCO will facilitate implementation of the project through a single window committee.

The long-time demand of the industrialists in Tiruchi has been that the facility on the lines of the Trade Centres in Chennai and Coimbatore will enable MSME units to showcase their projects.

The Centre, connected well with a few other national highways, will function as the venue for housing exhibitions. Office space will also be rented out to members of MSME associations for displaying their products and hold trade-related discussions.

TIDITSSIA plans to establish the facility in three phases. Initially a 5,000 sq ft building will be constructed and the extensions will be carried out in subsequent phases, sources said.

Thanking the district administration for facilitating the Trade Centre, Mr. Kanagasabapathy said the industry was keenly awaiting similar initiative for establishment of the SIPCOT Complex on an expanse of 1,055 acres near Manapparai. The sanction of ₹96 crore for the project must be utilised for laying roads, installing street lights, providing drinking water connection and digging storm water drainages. The TIDITSSIA was trying to establish a Textile Park on 200 acres for the benefit of garment traders desiring to operate on a cluster basis.

Likewise, the association will play a role in inviting software majors to the IT Park of ELCOT at Navalpattu. The scope for reviving the artificial gems industry was also being explored, Mr. Kanagasabapathy said.

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Printable version | Feb 24, 2021 11:05:21 PM | https://www.thehindu.com/news/cities/Tiruchirapalli/spv-to-be-formed-as-trade-centre-takes-shape/article24777357.ece

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