ETA STAR Properties Ltd, an offshoot of the Dubai-based real estate developer, ETA Ascon, has signed a Memorandum of Understanding with the Tamil Nadu State Government in India, to set up an Information Technology dedicated Special Economic Zone (SEZ) and an integrated township in Kancheepuram district at an estimated cost of $923 million.
The agreement for the joint venture was signed between the group’s Managing Director, Syed M. Salahuddin and S. Ramasundaram, Chairman and Managing Director, Tamil Nadu Industrial Development Corporation (TIDCO) in the presence of the Tamil Nadu Chief Minister M. Karunanidhi.
Syed M. Salahuddin said, “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.”
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 sq ft for apartments, row houses, bungalows, shopping mall, car park, hospitals, schools, hotels and service apartments in an area of about 350 acres. This includes a SEZ for IT and IT enabled services (ITES) in an area of about 50 acres and would provide employment to approximately 50,000 people. The entire land for the project had been privately purchased by the ETA Group. The project work is expected to start in August 2007.The group company is also involved with other infrastructure projects in India including metro rail, ports, power and roads
http://www.gowealthy.com/realestate/news/2394/detail.asp
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