The Hindu Business Line : Elcot, HDFC join hands to promote infotech

THE Electronics Corporation of Tamil Nadu (Elcot) and Housing Development Finance Corporation Ltd (HDFC) on Friday signed an agreement to jointly promote development of information technology (IT) and IT-enabled service (ITES) industries in Tamil Nadu.

The two would also market the State as "Destination of Choice" for IT investment, according to Mr Vivek Harinarain, State IT Secretary and Chairman, Elcot, which is a promotional agency designated by the State Government.

Elcot has set a benchmark growth of adding one company in every two days in Chennai in 2005-06. This tie-up is one of the efforts towards achieving that benchmark, he told newspersons.

Last year, Elcot facilitated in adding more than 6 million sq. ft. space with around 45 IT builders in the private sector, he said.

As per the agreement, Elcot would lay emphasis on marketing Tamil Nadu as a preferred destination of IT/ITES companies, and showcase the advantages of setting up facilities in the State. It would also assist prospective entrants in complying with and completing necessary formalities in relation to establishing their facilities and assisting in getting necessary clearances, he said.

HDFC will assist prospective entrants in understanding their space requirement based on specific business plans and support entrants in locating a property to meet their requirements. It will also assist in identifying land and a suitable developer to take on construction and facilitate in providing finance for developers to ensure that the property is developed on time, said Mr Mathew Joseph, Regional Manager (Tamil Nadu and Kerala), HDFC.

This is the first such agreement that HDFC has entered into with any State Government, he said. HDFC would also consider entering in to such agreements with other State government departments, he said.

According to Mr Harinarain, over 6 million sq. feet of space was under construction in the State, and about two-three million space is under approval. These spaces have been tailor-made for IT, ITES and business process outsourcing (BPO) companies, he said.

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