CHENNAI: The Government of Tamil Nadu has locked in a cumulative investment of Rs 1,015 crore from 11 aerospace companies for the Aerospace Park under development in Sriperumbudur. The information was revealed in the June issue of the Global Investor Meet newsletter that the government has been issuing from April this year.
While the specifics on the companies that have committed to the investments are not available at the moment, this is the first concrete number that the government has put down to the quantum of locked in the focus sector so far.
“So far, 11 companies with an estimated cumulative investment of Rs 1,015 crore have been allocated land in this Aero park, and 19 more companies have expressed interest to set up their manufacturing facilities at this Aero park,” said the update from the Tamil Nadu Industrial Development Corporation Ltd. (TIDCO), the implementing authority for the project. TIDCO had begun the land allocation process in November 2014.
However, the government is hopeful of much more than the Rs 1,015 crore. According to the statement, the total estimated investments from these 30 manufacturing related companies — 11 allocated land so far and 19 more in the wings — would be around Rs 3,000 crore with an employment potential for around 5,000 people.
The Chennai Aerospace Park, which will be a SEZ, will be spread across an area of 260 acres (expandable to 700 acres in Phase II) at Sriperumbudur near Chennai. The State Industries Promotion Corporation of Tamil Nadu (SIPCOT) has already acquired the required land for the project. “The park will have common facilities like an Advanced Computing & Engineering Design Centre, Common Testing & Technology Centre, Avionics Complex, Composites Development Centre and Warehousing Complex.”
The Advance Computing and Engineering Design Center is planned to be established in an area of around 1 million square feet at an estimated cost of Rs 350 crore. “This facility will have advance supercomputing facility and design facilities required for the industrial units catering to the aerospace components designing and product development,” said the update.
The Common Testing & Technology Center, meanwhile, will be developed by the Ministry of Micro, Small and Medium Enterprise (MSME), Government of India, on 20 acres of the project land. “Investment for this is set at Rs 200 crore and it will cater to Auto/Aerospace, Electronics and Precision engineering manufacturing industrial units,” they stated.