Chennai:

Tamil Nadu government has signed a memorandum of understanding with a Japanese consortium and real estate developer Ascendas to build a 1,500-acre integrated township with residential and industrial facilities for Japanese investors. It will come up 50km south of Chennai along Old Mahabalipuram Road.
Chief minister J Jayalalithaa signed the MoU on Tuesday with the Ascendas Development Trust (AIDT), which has built an IT park in Taramani, and a consortium comprising corporate finance provider Mizuho Corporate Bank and JGC Corporation, a programme management contractor and investment partner.
Ascendas Group president Chong Siak Ching said, “We are happy to have the support of the government of Tamil Nadu and to work with Japan’s leading companies Mizuho and JGC.” The government has promised collaboration with local government agencies for the project’s implementation. The township is expected to have lifestyle amenities for up to 40,000 people,” Ascendas officials said. “The infrastructure will be eco-friendly.”

Shinya Fujii, director general of the Japan External Trade Organisation (Jetro) said the township would house industries from the manufacturing sector.

source: http://www.Timeofindia.Indiatimes.com /  Home> City> Chennai / TNN / January 11th, 2012