Chennai

Govt. keen on warehousing zone

Project promoter has already acquired 150 acres of land

The State government is hoping that a free trade warehousing zone will be among the projects proposed through Memoranda of Understanding (MoUs) that will materialise in the foreseeable future.

Already, the promoter of the project — DP World - Integrated Chennai Business Park (I) Pvt Ltd — had acquired 150 acres of land opposite the Ennore Port, a senior official of the Industries Department said, adding that the government had made a recommendation to the Union Ministry of Commerce to notify the project under the special economic zone (SEZ) scheme.

As for the MoUs with eight specific organisations, the official explained that these bodies, four of which are based in San Francisco and the other four in New York, will function as the “eyes and ears” of the State government to facilitate industrial investment in Tamil Nadu.

In addition, the Tamil Nadu Industrial Guidance & Export Promotion Bureau has signed coordination MoUs with the Business Leaders’ Forum & ITEC, Dubai, and the American Tamil Entrepreneurs’ Network, U.S.

Regarding the MoU with Haldia Petrochemicals, the official pointed out that its implementation hinged on the company being chosen for acquiring a project in Cuddalore, originally proposed by the Nagarjuna Oil Corporation Ltd (NOCL), which is under liquidation.

Haldia Petrochemcials is among the companies that have evinced interest in the assets of NOCL in Cuddalore.

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Printable version | Feb 22, 2020 12:13:01 AM | https://www.thehindu.com/news/cities/chennai/govt-keen-on-warehousing-zone/article29434832.ece

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