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| SEZ coming up at Sholinganallur |
| Director M. Prabhakar Rao exchanging copies of the memorandum of understanding in the presence of Chief Minister M. Karunanidhi in Chennai
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| INDIA
, 7-April-2007
2:16:2 AM |
| The Secunderabad-based Nuziveedu Seeds Limited (NSL) and the Tamil Nadu Industrial Development Corporation (TIDCO) on Friday signed a memorandum of understanding for establishing a special economic zone (SEZ) with an investment of Rs.1,500 crore to house information technology, IT-enabled services and biotechnology companies.
The SEZ to come up on a 66 acre-site at Sholinganallur on the Old Mahabhalipuram Road (OMR) would provide direct and indirect employment to 25,000 persons, an official release said. The company had received the Centre's approval for setting it up.
The MoU was signed by TIDCO Chairman and Managing Director S. Ramasundaram and NSL Managing Director M. Prabhakar Rao in the presence of Chief Minister M.Karunanidhi at the Secretariat here.
Shortly after signing the MoU, Mr. Rao told reporters that the project would be established in three phases on built-up space of 46 lakh square feet. It would have 21-lakh square feet space for houses.
A hotel with 150 rooms and a supermarket would be constructed on a 4-lakh square feet site.
"It will be an environment-friendly and carbon neutral project, having facilities for water recycling, [generating] green power using wind energy and with design features for reducing energy requirements by 20 to 25 per cent," he said. The site on the OMR was chosen as the area had been declared as the IT corridor with very good infrastructure, he said.
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