CHENNAI: A joint venture agreement to establish a Rs.550-crore food processing special economic zone in Tuticorin district was signed on Friday between the Tamil Nadu Industrial Development Corporation (TIDCO) and CCCL Infrastructure Limited (CIL).
Of the total project cost, Rs.135 crore would be invested towards developing the processing zone during the first phase and the remaining Rs.415 crore in the next phase towards the non-processing zone.
While the first phase would take three years, the other would be implemented in five years.
The SEZ project is expected to attract investments of about Rs.2,500 crore and provide employment for 10,000 persons, according to an official release.
The Union government had granted formal approval and notified 294 acres to implement it.
Deputy Chief Minister M.K. Stalin, who was present at the signing of the agreement, had made an announcement on the project in the Assembly while replying to the debate on the demands for grants to the Industries Department.
Rajeev Ranjan, Principal Secretary (Industries) and TIDCO Chairman, and R. Sarabeswar, Chairman of CIL, a subsidiary of Consolidated Construction Consortium Limited, signed the agreement.
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