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TN Government plans to build a Finance City’ covering 100 acres of land in Chennai
Posted on: 16/Jun/2014 3:09:16 PM
Tamil Nadu government has planned to build a Finance City in 100 acres near Chennai. This will be an incentive for finance institutions and finance related service organizations to start business. The scheme may provide job opportunities for 30,000 persons.
The state government has been earnestly examining the possibilities to set up an estate exclusive to financial and finance-related institutions.
The focus is to facilitate setting up of services known as ‘back office’ where one company entrusts its financial work to another on contract. It is expected that many large multi-national financial institutions would be eager to set up their back-offices in Chennai.
As all the necessary infrastructures and manpower with finance related expertise are made available, the prospects of many institutions setting up their operations is very bright. In addition, this will provide job opportunities for 20 to 30 thousand persons.
There are not much spaces available in the East Coast Road Area. So, the government is examining the possibilities of areas like Sriperumbudur & Oragadam. The project is yet to be named. A detailed report is under preparation.
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