DLF, TIDCO join hands for IT SEZ Project

Chennai: DLF Ltd and the Tamil Nadu Industrial Development Corporation (TIDCO) have entered into a joint venture agreement for a Rs 1,500-crore Information technology Special Economic Zone (SEZ) here.

According to an official press release, the facility coming up at Taramani, on the Old Mahabalipuram Road, will be spread over 26.64 acres would have a total built up area of 4.5 million Sq ft. The project would be implemented in two phases with the first phase of 2.5 million sq ft ready by end of 2009. The entire project would be completed by 2011.

The project will generate over 45,000 jobs directly and 10,000 indirectly, the release said.

A press release from DLF said the joint venture agreement was signed by Mr S. Ramasundaram, Chairman and Managing Director, TIDCO, and Mr K.P. Singh, Chairman, DLF Ltd, in the presence of the Chief Minister, Mr M. Karunanidhi.

It may be recalled that last September in a tender called by TIDCO to set up the project, the Delhi-based developer, DLF emerged the highest bidder for setting up the IT and ITES SEZ. DLF’s bid was Rs 26.07 crore an acre for the 26-acre property taking the total bid amount to about Rs 660 crore. DLF’s bid worked out to a rate of Rs 5,757 a sq feet. The property is adjacent to the American International School off the IT corridor.