Chennai: Finally, works on the much-awaited Chennai-Bengaluru Industrial Corridor (CBIC) is set to begin soon. A master plan for the Ponneri Node of the corridor is being prepared by the Delhi-Mumbai Industrial Corridor Trust (DMIC). State government’s TIDCO and Central agency NICDIT have joined hands to develop the Ponneri node.
An agreement to this effect was signed on Friday, at the diplomatic outreach event inaugurated by Chief Minister Edappadi K Palaniswami. Earlier, Japanese agency JICA had prepared the overall master plan for the project, including all eight nodes. Ponneri is set to become an engineering hub for automobiles and machinery industries.
Huge investment
As per JICA’s suggestions, the Ponneri Node could be set up over an area of 21,966 acres, at an investment of whopping Rs 32,713 crore. Official sources, however, said a clearer picture would emerge only after the formation of a Special Purpose Vehicle (SPV), worth `3,000 crore.NICDIT is the apex authority for the development of the corridor. The SPV would include TIDCO, a Chief Executive Officer, State government, PSUs, Chennai, Ennore and Kattupalli Ports, and private sector players. According to the JICA blueprint, funds for the development of Ponneri Node will be raised through equity funding, loans, and accruals.
Ponneri, interestingly, made the cut as it falls close to the Kattupalli and Kamarajar Ports, which serve domestic and international markets. A top official also told TNIE that a master plan has also been drafted for the Salem-Dharmapuri node, which was included recently after the corridor was extended till Kochi.
Subsequently, the focus will be on developing Hosur, which is one of the eight nodes. “Now, all districts of Tamil Nadu have been linked with industrial corridors, even the southern ones. Some with CBIC and the rest coming under the Chennai-Kanyakumari Industrial Corridor, which is also under development,” the official said.
Potential areas of growth
While the traditional strength of Ponneri node has been identified as automobiles and auto components, chemicals and petrochemical machinery, and computers, electronic and optical components, the master plan has also identified metallurgy, electrical machinery, textiles and apparels, pharmaceutical and medical equipment as other potential areas of growth in the node.
Rs 3,000 cr
worth SPV would be formed, that include TIDCO, a Chief Executive Officer, State government, PSUs, Chennai, Ennore and Kattupalli Ports, and private sector players
