Japanese investments into Tamil Nadu are set to get a boost with the State Government entering into an agreement with the Singapore-based developer Ascendas and a Japanese consortium to promote a Rs 3,500 crore industrial township near Chennai.

A business support centre is also to be set up to facilitate Japanese investments into the State.

M/s. Ascendas of Singapore in association with Japanese Group of Companies are taking steps to set up an Integrated Industrial Township in Old Mahabalipuram Road near Chennai in an area of about 1500 Acres with an investment of about Rs.3,500 crores within a period of 5 years.  This Township will have various facilities like Manufacturing Zone, Commercial, Residential, Institutional and Social Infrastructure facilities. The Manufacturing Zone to be established within this Industrial Township is likely to attract an investment of about Rs.15,000 crores and has the potential for providing employment for 40,000 persons. Tamilnadu Government extended support and co-operation for this Industrial Township Project.  For this purpose, a Memorandum of Understanding was signed between Guidance Bureau, Ascendas and Japanese Group of Companies.

In a separate press release, Ascendas said that through the MoU, Tamil Nadu has agreed to facilitate the collaboration between local government agencies with Ascendas and its partners in the implementation of the township project.

The integrated township will be developed by the joint venture between Ascendas India Development Trust (AIDT), the private property development fund spearheaded by Ascendas, and one of India’s leading real estate developers, IREO, along with the Japan Consortium.