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Our Bureau

Projects in Coimbatore, Kanchipuram

Chennai April 29 Ras Al Khaimah Investment Authority of the UAE plans two large investments totalling Rs 20,000 crore in Tamil Nadu.

According to an official press release, Ras Al Khaimah Investment Authority signed an agreement with the Tamil Nadu Industrial Development Corporation to set up an IT SEZ with an integrated feeder township in Coimbatore and a residential-cum-water sports marina project in Kanchipuram district.

The IT SEZ and township spread over 1,000 acres in Coimbatore is expected to come up over the next five years. It will have 5 million sq ft of IT space that will generate 50,000 jobs and a township with single and multi-family homes, facilities such as a golf course, shopping malls, resort hotel and spa.

Big plans

In Kanchipuram district, the 500-acre Kadalur Marina Project, would provide water sports, leisure, entertainment and high-end residential facilities. The facility is about 70 km from Chennai on the East Coast Road and less than 20 km from Siruseri, the IT hub.

According to sources, the projects are to be implemented by RAK Indo Developers Pvt Ltd, a joint venture between Rakeen Developers, a subsidiary of Ras Al Khaimah Investment Authority, and an Indian partner Vishwateja Projects Pvt Ltd.

Both are equal partners in the venture. Vishwateja is a subsidiary of Trimex Industries, a member of the Rs 820-crore Trimex Group, which has interests in mining and minerals.

The land for the Coimbatore project has been acquired and the first phase would be over 650 acres. It will be ready in three years with the IT space, 18-hole golf course, mall, hospital and residential facilities. The Tamil Nadu Industrial Development Corporation will facilitate the project and is likely to take a small stake in the project, according to sources.

More Stories on : Foreign Direct Investment | Infrastructure | Tamil Nadu

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