CM lays foundation stone for ₹2,400 cr. investment hub

Project is expected to attract ₹5,000 crore in investment and create 60,000 jobs

August 25, 2018 11:59 pm | Updated August 26, 2018 07:45 am IST - CHENNAI

A file picture of Tamil Nadu Chief Minister Edappadi K. Palaniswami.

A file picture of Tamil Nadu Chief Minister Edappadi K. Palaniswami.

Chief Minister Edappadi K. Palaniswami laid the foundation stone for the GMR Krishnagiri Special Investment Region through video conference here on Saturday.

The ₹2,420 crore project, spread across 2,100 acres, is a joint venture between the Tamil Nadu Industrial Corporation Ltd. (TIDCO) and GMR Group, according to an official release. On completion in 7 to 8 years’ time, the project is expected to attract investments to the tune of ₹5,000 crore and create about 60,000 jobs, it added.

World-class infrastructure and utilities such as road connectivity, water supply system, water treatment plant, storm/rain water drains, water and power sub-station and internet connectivity would be developed in the Special Investment Region.

“TIDCO is playing the role of facilitator for obtaining all clearances for those investing [in the project]. This project is being developed under the Centre’s scheme for Special Investment Regions,” a State government official said.

According to a presentation from GMR, the project would leverage locational advantage to create clusters in aerospace, automobile, engineering and electronics sectors. Besides, it plans to attract investments in biotechnology, renewable energy and other emerging industries.

In April, GMR had announced the setting up of an aerospace and defence manufacturing hub on 600 acres of land in the region through a joint venture with TIDCO. This would benefit the proposed Defence Industrial Production Corridor in Tamil Nadu, which aims to connect Hosur and Chennai, with Kattupalli port, Chennai, Tiruchi, Coimbatore and Hosur as its key nodes, and would also provide impetus to the defence production industry in the country and in the region in particular, GMR said.

‘Ideal location’

“The proposed hub is an ideal location for defence-related manufacturing. Major Defence Public Sector Undertakings (DPSUs) like Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Bharat Earth Movers Limited (BEML) and Defence Research and Development Organisation (DRDO) are only 50 – 60 km [away]. The hub also benefits from the established industrial ecosystem in Hosur and 700+ MSMEs engaged in precision engineering in the region. Proximity to Bengaluru ensures ready access to skilled manpower,” the firm said.

Already, 20 acres have been leased to M/s Toyota Boshuku, which makes auto components for their manufacturing unit.

The announcement of the project has come at a time when the Tamil Nadu government is gearing up for the second edition of the Global Investors’ Meet in January 2019.

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