Secunderabad-based Nuziveedu Seeds Ltd has signed a memorandum of understanding with the Tamil Nadu Industrial Development Corporation to establish an IT/ITeS special economic zone at Shollinganallur, on Chennai's IT corridor, at an investment of Rs 1,500 crore (Rs 15 billion).
The SEZ, which is to come up on a 66-acre site, will offer space for IT and ITeS services and biotech companies also.
According to a government release, the space will house residential colonies, a super market, and a 150-room hotel over an area of 73 lakh sq ft. Of the total 73 lakh sq ft, 46 lakh sq ft of space will be available for IT, ITeS and biotech companies, 21 lakh sq ft for residential colonies and 4 lakh sq ft for hotel and retail operations.
The project will be executed through a special purpose vehicle called Zillion Estates Pvt Ltd, in which Nuziveedu Seeds will be a major promoter and Tidco will hold 2.5 per cent equity. Nuziveedu Seeds is likely to rope in more investors for the project.
While approval for setting up the SEZ has already been obtained from the Centre, it is expected to generate job opportunities for about 25,000 people.
The construction work on the project is expected to take off in June, and the first phase is expected to be completed in 18-24 months.
Company officials said the project would be environment-friendly with a water-recycling facility, wind power and design features incorporating energy efficiency factors.
The MoU was signed on Friday by S Ramasundaram, chairman and managing director, Tidco, and M Prabhakar Rao, managing director, Nuziveedu Seeds, in the presence of Tamil Nadu Chief Minister M Karunanidhi.