UAE developer ETA Star Properties Ltd. (a division of ETA Ascon Group of companies), has signed a Memorandum of Understanding (MoU) with the Tamil Nadu State Government in India, to set up an Information Technology (IT) dedicated Special Economic Zone (SEZ) and an integrated township in Kancheepuram district at an estimated cost of USD 923 million.
The agreement for the joint venture was signed between the group's Managing Director, Mr. Syed M. Salahuddin and Tamil Nadu Industrial Development Corporation (TIDCO) Chairman and Managing Director Mr. S. Ramasundaram in the presence of the Tamil Nadu Chief Minister Mr. M. Karunanidhi.
The park will include an integrated township and is to be located in the state’s Kancheepuram district. The project, announced yesterday, is expected to provide jobs for approximately 50,000 people.The project work is expected to start in August this year.
The IT township project would be implemented over a three year period by ETA Star Tech City Pvt. Ltd. to create space to an extent of 17.5 million square feet, the development will include apartments, row houses, bungalows, a shopping mall, car parks, hospitals, schools, hotels and service apartments in an area of about 350 acres.
Commenting on the new initiative, Mr. Syed M. Salahuddin said that the ETA group is an established name in several sectors of many economies and has become a natural choice for various National projects: "We are definitely looking at India as a big opportunity to grow our businesses and our latest investment in Tamil Nadu is part of our regional expansion plans. In particular, we are delighted to further strengthen our relationship with the Tamil Nadu Government and hope to contribute to the growth of the booming Information Technology sector in India."
ETA Star Properties’ announcement comes weeks after the UAE’s Tecom Investments finally signed off on its SmartCity project with the Indian state of Kerala, in the southwest of the country. SmartCity Kochi, based on the same model as Dubai Internet City (DIC) and Dubai Media City (DMC), is expected to attract around $350 million worth of investment and create 90,000 jobs.
The group company is also involved with other infrastructure projects in India including metro rail, ports, power and roads.