CHENNAI: A Rs 925 crore industrial park being set up in Ponneri by Japanese major Sumitomo and Mahindra and Mahindra crossed a crucial hurdle after it got approval from the State government’s Empowered Committee. The Directorate of Town and Country Planning (DTCP) too is expected to give its nod soon. DTCP sources say the layout map would be completed within two weeks time.
The project, among those signed during the Global Investor’s Meet, was slated to be completed in two phases. It also faces issues over alienation of 41.765 acres of government land as well as transfer of 19.06 acres of belonging to the Hindu Religious and Charitable Endowments. The industrial park is to be set up near the proposed smart city planned by Japan International Cooperation Agency (JICA).
It is learnt that under the joint venture, Mahindra and Mahindra would hold 60 per cent stake, while Sumitomo Corporation would hold 40 per cent. Mahindra and Mahindra officials refused to comment on the development.
Meanwhile, the Rs 3,000 crore Codissia Industrial Park layout in Mopperipalayam, Coimbatore, has got DTCP approval and a GO has been passed to change the category of land from agricultural to industrial-use, DTCP sources said.
Commenting on the Industrial Park being set up by KEF, DTCP sources said that the second phase of the project, by India’s only integrated offsite manufacturing firm, in Krishnagiri is under its scrutiny.
This development comes as the State has till date, received just `29,615 crore in investments of the `2.42 lakh crore promised by various industrialists at the global investors meet in September 2015.
It is learnt that most of the investments are yet to be realised due to various issues like identification of land and other approvals from various government agencies.
For certain projects, the delay is due to pending allotment of land while in some projects, the developers are yet to submit the proposals to the planning agencies.