Monday, February 05, 2007

TN clears land acquisition for new SEZ



CHENNAI: Land acquisition process is to begin shortly for the fifth
special economic zone in Tamil Nadu. The multi product SEZ over 3000
acres is slated to come up in Perambalur district.

Recently, Tamil Nadu Government issued a notification for giving
approval to the state owned Tamil Nadu Industrial Development
Corporation (TIDCO) to go ahead with the land acquisition. The
administrative clearance is seen in the industry as a big development,
given the raging controversy over SEZs.

Sharing the details with ET on Wednesday, TIDCO chairman and managing
director, S Ramasundaram said "we have got the GO to proceed with the
land acquisition. The first stage involved in the process to select the
promoter is also over." The SEZ is to be developed with an investment of
Rs 300 crore to Rs 500 crore.

He said the request for proposal, a stage before the final selection of
a partner, would take place next week. On the basis of quantitative
parameters, eight players had passed the first stage. "They will present
a concept paper on the SEZ to the TIDCO Board for approval," he said.

Asked if the SEZ controversy would stall the current venture, the CMD
said he did not forsee any such problem in Tamil Nadu. TIDCO has been
following the Mahindra model, the first greenfield SEZ of the country.
"Everything at Mahindra SEZ was built from the scratch. Of the 1,300
acres, 1,250 acres were directly purchased. TIDCO also intends buying
land at market price, directly from the land-owner. This saves us from
any litigation," he added.

Mr Ramasundaram said the Hosur SEZ too was in an advanced stage, with
the GO expected anytime. There was no rehabilitation in the project as
TIDCO had identified only dry lands.


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