Ascendas, Japanese firms to build industrial township near Chennai

Chennai: Singapore's Ascendas, a leading provider of business space solutions, has joined hands with a Japanese consortium comprising JGC Group and Mizuho Corporate Bank to set up a 1500-acre integrated industrial township at an outlay of around Rs 3500-crore near Chennai.

Speaking at the inaugural function of JETRO Business Support Centre in the city on Tuesday, Ascendas CEO and president Chong Slak Ching said: "The township will have industrial, residential and other social amenities. Four hundred acres will be developed for non-polluting light industries."

She said that a joint venture with IREA, an international fund, has been formed for the purpose.

According to Ching, Ascendas, JGC and Mizuho had signed a memorandum of understanding (MoU) in November 2010 to set up an integrated industrial township around 55 km from Chennai.

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A senior Tamil Nadu government official confirmed that the land for the project has been acquired by the township promoters.

Chong said industries belonging to sectors like auto components, electronics, food and beverage, and light engineering will be housed at the industrial zone of the township.

According to Yoshihiro Shigehisa, chairman emeritus at JGC group, the industrial zone will attract Japanese investments and the employment potential will be around 40,000.

He said the Tamil Nadu government has set up a project facilitation committee to provide continuous supply of power, water to the integrated township and will also assist in getting statutory approvals and land related issues.