Chennai, July 16 (IANS) State government undertaking Tamil Nadu Industrial Development Corporation (Tidco) and CCCL Infrastructure (CIL) Friday signed a joint venture agreement to develop a food processing special economic zone (SEZ) in Tuticorin.
According to an official release, Tidco has decided to implement the food processing SEZ project partnering with CIL, a wholly owned subsidiary of real estate development company Consolidated Construction Consortium Ltd.
Deputy Chief Minister M.K. Stalin announced in May that Tidco would establish a sector-specific SEZ for food processing in the joint venture at an estimated cost of Rs.550 crore in Tuticorin district and create employment to about 10,000 people.
As per scheme of things, the Rs.550 crore project will be developed in two phases. In the first phase, the food processing zone will be developed at an outlay of Rs.135 crore over a three year period. The second phase involving an outlay of Rs.415 crore will develop the non-processing zone over a period five years.
The SEZ is expected to attract investments to the tune of about Rs.2,500 crore.
The Indian government has granted formal approval and notified about 294 acres of land for the project.