Tamil Nadu government plans establishment of Fintech city at Nandambakkam, Kavanur in two phases
CHENNAI: Tamil Nadu government will be developing Fintech city in Chennai in two phases at Nandambakkam and Kavanur. The first phase will be developed at Nandambakkam at an estimated cost of Rs 165 crore, according to Finance Minister Palanivel Thiagarajan.
This also comes as C K Ranganathan, Chairman, CII Southern Region has urged the state government to revive the Fintech City project in the State, which is a dream of Chief Minister M K Stalin. CII has stated that Tamil Nadu has a vibrant ecosystem to attract investment in the banking and financial services sectors.
Chennai has 400 financial industry businesses headquartered in the city of which 200 are located in the main residential clusters of Mylapore, RA Puram, Nungambakkam and T Nagar which are congested and has put pressure civic authorities for additional infrastructure.
Sources indicated that the plan is to develop Chennai Finance City or Tamil Nadu Commerce Hub as infrastructure project to accommodate public-private financial institutions, start-up parks and to develop the objective of Chennai Metro’s transit oriented development (TOD)
Meanwhile, the minister also highlighted the limited support of Union government is establishing Defence Industrial Corridors connecting Hosur, Salem, Tiruchirapalli and Coimbatore. "The State Government will take this project forward with the establishment of a defence component manufacturing park at Coimbatore over 500 acres at a cost of Rs.225 crore. This park is expected to attract investment of Rs.3,500 crore," the minister said.
Ther minister also announced setting up of SIPCOT parks will be created in industrially backward districts such as Thiruvannamalai, Dharmapuri, Tirunelveli, Virudhunagar, Sivagangai, Villupuram, Namakkal, Theni and Nagapattinam. He also said that Tidel parks will now be established in Tier II and Tier III towns across Tamil Nadu, and in the first stage, it will be set up in Thoothukudi, Vellore, Tiruppur and at Thiruchitrambalam in Villupuram district.
He also said an International Furniture Park will be set up at a cost of Rs 1,000 crore on 1100 acres of land in Thoothukudi district, to attract investment of Rs.4,500 crore and enable employment of 3.5 lakh persons.
Meanwhile, the minister also announced five mega clusters in Pharmaceutical, Petro Chemicals, Precision manufacturing, defence and aerospace, and smart mobility sectors will be established at a cost of Rs 100 crore each.
He4 said TANSIDCO will also establish land banks at five places over a total extent of 265 acres. The pricing policy of unsold plots in TANSIDCO Industrial Parks will be rationalized to ensure they are put to beneficial use early, he added.