Japanese township to be ready by 2014 - The New Indian Express

Japanese township to be ready by 2014

Published: 27th February 2013 07:44 AM

Last Updated: 27th February 2013 07:44 AM

The Rs 3,500 crore Japanese industrial township near Chennai will be completed by 2014, according to the Director General of Japan External Trade Organisation Shinya Fuji.

Fuji told City Express on the sidelines of a seminar on ‘Tamil Nadu – A Potential Investment Location for Automotive Related Industry’ organised by the Confederation of Indian Industry here on Tuesday, that almost 1,500 acres of land on the Old Mahabalipuram Road had been acquired for the Omega Satellite township project. “We are short of a few acres of land and hope it will be acquired soon,” he added.

He said work on the satellite industrial township would begin once it gets the Environment Inpact Assessment clearance from the government.He said the newly-opened Nemelli desalination plant would provide 20 MLD of water to the Japanese township.

The agreement to set up the township was signed between the Tamil Nadu industrial investment facilitating agency, the Guidance Bureau, Ascendas and a Japan consortium comprising Mizuho Corporate Bank and JGC Corporation, a programme management contractor and investment partner.  This also comes in the wake of more and more Japanese companies vying to invest in the State, particularly Chennai, as it gives the Japanese firms access to port.

Interestingly, Japanese Ministry of Economy Trade and Industry (METI) director of Financial Cooperation Division Masashi Iwanaga is expected to meet the CM J Jayalalithaa for the third round of talks on continued cultural cooperation with Tamil Nadu. He also vowed Japanese help in developing the infrastructure of the State. M Velmurugan, Executive Vice Chairman of State Guidance Bureau invited the Japanese SMEs to invest in TN, stating that many global auto majors have set up plants in Chennai. He said that both BMW and Hyundai were planning to set up their third plants in Chennai. He said in the next four to five years Chennai would become the world’s largest auto corridor.

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