Govt. keen on infrastructure needs: CM

Chennai Sept. 20 . The Chief Minister, Jayalalithaa, today inaugurated the `Mahindra City', an integrated industrial park, described as the first of its kind in the country. It has been developed near Chengalpattu on the emerging concept of public-private partnership.

Spread over 1,450 acres, the Mahindra Industrial Park Limited (MIPL), promoted by the Mahindra group in association with the Infrastructure Leasing and Finance Services and the Tamil Nadu Industrial Development Corporation, will offer specialised business zones with customised infrastructure.

"Establishment of industrial parks such as the `Mahindra City' assumes greater significance, because these innovative industrial ventures will certainly provide the required cutting edge to Tamil Nadu in our progress towards rapid industrialisation," the Chief Minister said.

Reiterating the Government's commitment to make Tamil Nadu "the prime destination choice for investors", she said that despite the "severe financial situation", it was keen on addressing the critical area of infrastructure needs.

The State "is once again on the threshold of transformation" facing new challenges by way of globalisation, with the breaking down of national barriers, she said, underscoring the need for converting the threats into opportunities. "To make the opportunities fructify into tangible investments, it is necessary to adopt competitiveness as the guiding factor in the manufacturing realm."

Noting that it was also imperative to provide world-class infrastructure and facilitate institutional reforms to cut transaction cost for new investors, the Chief Minister said the State offered a "stable climate for investment policies and an atmosphere of peace and tranquillity".

It was poised "for a resurgence in new communication technologies and Chennai is the landing point for two India-to-international submarine cables. Together with a wide network of Optic Fibre Cable connectivity, it offered an unmatched bandwidth of 13 Tera bytes per second for IT entrepreneurs.

Anand Mahindra, vice-chairman and managing director of Mahindra and Mahindra, said the MIPL wanted to create "world class facilities with integrated infrastructure and environmentally-sustainable development".

The Mahindra City offered several benefits including access to skilled manpower and real estate at low cost. It would offer facilities which would be "flexible and integrated business platforms", provide excellent power and water supply, high quality social infrastructure, meticulous maintenance and management.

"We have 800 acres of developed land ready for occupation," Mr. Mahindra said. The company had identified a focussed clientele, from among international businesses and knowledge-intensive industries. "We are talking to the largest IT and BPO companies in the world."

Arun Nanda, president-Infrastructure Development Sector of M and M, said the company had invested about Rs. 300 crores in land development and creation of basic infrastructure in the park. With more and more built-up infrastructure, the investments would exceed Rs. 1, 000 crores and it would come from international developers and operators. The park was expected to catalyse a huge investment and create 30,000 jobs over the next months.

Later, Mr. Nanda told presspersons that the next round of MIPL investment would be focussed on creating customised facilities for the IT and BPO sectors. A few companies had already made advance payments for taking land on lease (for 99 years) in the park.