The Hindu Business Line : Bids for second Tidel Park partner soon

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Chennai Feb. 9 The Tamil Nadu Industrial Development Corporation (TIDCO) will soon be calling for bids from private promoters to partner in a new IT park, according to sources.

The Tidel Park II, which the State Government has cleared, will have a built-up area of 2.5 million sq ft at Taramani near the American International School.

Tidco has sought SEZ status for the park, which is to spread over 25 acres owned by it.

It will soon advertise for joint venture partners for the project in which it will take 11 per cent stake.

The private promoter will be expected to pay the land cost up front. At current market prices, land at Taramani works to more than Rs 10 crore an acre, the sources said.

This will be the second Tidel Park, along the lines of the existing facility, to come up in Chennai.

The State Government has also announced a third facility to come up near the existing park on Old Mahabalipuram Road, where Tidco has 27 acres.

Hosur on the list

Officials said that the Tamil Nadu Government has decided to set up an IT park at Hosur along with those planned in tier-II cities, according to officials.

At a recent meeting of the State Level Export Promotion Committee headed by Chief Secretary Mr L.K. Tripathy, it was decided that in addition to IT parks in tier-II cities, Electronics Corporation of Tamil Nadu (Elcot) would set up an IT park at Hosur to absorb the spillover from the space-constrained Bangalore.

The tier-II cities are Madurai, Tiruchi, Coimbatore, Salem and Tirunelveli.

According to officials, Elcot has sanctioned, in principle, Rs 97 crore for developing sites in the five cities.

To expedite the establishment of the IT parks, it will sanction Rs 10 crore before March. The objective is to build the "IT towers as fast as possible," the officials said.

While the investment details are to be finalised, it is expected that Tidco will participate in some of the projects.

Elcot has planned a one million sq ft park at Tiruchi and a 1.2 million sq ft facility at Coimbatore. In addition, land has been allocated to TCS and Wipro at Coimbatore.

Officials said that with the cost arbitrage driving IT companies to new locations, the promotional agencies need to meet that demand fast.

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