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Friday, June 9, 2023

Taking inspiration from ZOHO, TN govt set to take IT sector to smaller towns

The Tamilnadu (TN) government is drawing inspiration from Padma Awardee Sridhar Vembu’s IT company Zoho to set up mini Tidel parks and IT parks in tier-2 and tier-3 cities thereby taking the IT sector to smaller towns. The move is being initiated in view of the fact that the IT sector is overdependent on urban centers such as Coimbatore and Chennai.

The Hindu Businessline quotes a senior government as saying:

“Zoho has been successfully running its facility out of Tenkasi. We also want to do a similar initiative to spread the IT sector to smaller towns. This makes sense as thousands of employees working in large companies are from smaller towns.”

As per the official, mini Tidel parks would be set up at Villupuram, Cuddalore, Theni, and Salem in the first phase. Large Tidel Parks are already operating in Chennai and Coimbatore with a third one being established in Chennai’s suburb Pattabiram.

The mini Tidel Parks will be raised through joint ventures spread over an area of 50,000-1 lakhs sq. ft. The project will be taken up by a special purpose vehicle (SPV). The government order says that Tidel Park Ltd and a government agency nominated by the government to implement the project would form the SPV in areas where the land costs are high and Tidel has the option of paying for the land in other places.

The Hindu Businessline adds that the Government has directed the land cost be fixed by the District Collector shall be the equity contribution of the government and Tidel Park Ltd can invest in the project through its own resources or loans raised from other sources. The district collectors are permitted to give permission to Tidel/SPV formed by Tidel pending the land transfer as per the existing rules.

Tidel stands for the joint venture between State-run Tamil Nadu Industrial Development Corporation (Tidco) and Electronics Corporation of Tamil Nadu (Elcot).

(Featured Image Source: Tech Crunch)

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