The Tiruchi Trade Centre Private Limited (TTCPL), the Special Purpose Vehicle formed by Tiruchi District Tiny and Small Scale Industries’ Association (TIDITSSIA) for executing the project, has got off to a start by making a token payment to SIDCO towards value of the 9.4 acre land at Panjapur on the city outskirts, following receipt of the allotment order.
A four-member delegation of TIDITSSIA comprising its president R. Ilango, Secretary S. Gopalakrishnan, Treasurer P. Rajappa and former president and Chairperson of TTCPL N. Kangasabapathy called on SIDCO officials at Chennai and handed over a cheque for ₹18 lakh as the initial payment for the land valued at ₹1.14 crore.
The balance amount for the land would be settled by the end of February, after which a Memorandum of Understanding will be signed for the first-phase construction.
A Detailed Project Report that would be submitted to the SIDCO for construction of a 25,000 sq. ft. building to house a maximum of 2,500 persons. Provisions will be made for parking of 500 cars and over 1,000 two-wheelers, to begin with, Mr. Elango said.
The TIDITSSIA has fixed ₹1 lakh as the value per share. It has been decided that to gain eligibility to become a director, a member will have to purchase a minimum of three shares. A cap of five shares has been fixed for each member, Mr. Elango said.
For the ₹11 crore project, the government had sanctioned ₹5 crore during 2016-17 as 50% grant. The SIDCO will be releasing the fund as and when the members of TTCPL scale up their contributions.
The Trade Centre that has begun to take shape will foster business opportunities for industry clusters in the entire central region to showcase their products.
The district administration is understood to have promised to strengthen the small stretch of road from the Madurai National Highway, along the alignment of the semi-ring road, on a priority basis.
Through the Trade Centre, the TIDITSSIA intends to project the strength of fabrication industry in Tiruchi, the textile sector in Karur, the readymade garment sector at Puthanatham, marine sector in Nagapattinam and other products the central districts are known for.