Chennai Financial City snippets

The financial city near Chennai, considered a dream project of State deputy CM, M K Stalin, is most likely to come up at Sholinganallur, part of the bustling IT corridor (Old Mahabalipuram road). This project is expected to be the next growth lever for Chennai after automobile, IT and healthcare sectors, which have attracted copious investments in the recent past. After Stalin announced the proposal during the last Budget session, the State owned Tidco was nominaed as a nodal agency. It had identified about 180 acres (readily in the possession of Government) in Sholinganallur-Perumbakkam village for the development of the city. On Saturday, Mr Stalin visited and inspected the site. He was accompanied by Industries secretary, M F Farooqui, Tidco Chairperson and MD, Anita Praveen and Kanchipuram district collector, Santhosh K Mishra. An official release said, “The government will consider and decide on the selection of the site for the development of the financial city”. It is gleaned from official circles, the site is most likely to be choice for the city considering its proximity to the city, road, rail and air connectivity, well developed infrastructure, concentration of IT companies, educational institutions and availability of housing facilities. The release said Tidco has prepared a broad concept paper on the city and has also roped in KPMG Advisory services for assisting it in fine tuning the paper in consultation with various stake holders. A core advisory team comprising of leaders in finance, banking, insurance, IT and financial services was constituted to advise TIDCO in formulating the blue print for the project. It is likely to be implemented in phases based on the recommendations that would emerge in the feasibility study. “The proposed Chennai financial city would offer world class infrastructure. The vision of the city would be to catalyse the growth of innovative, competitive and thriving financial services industry including IT, BPO and operations underpinned by world class infrastructure to make positive contribution to the economic output” the release said. Initially, the city would focus on attracting core financial activities such as banking, insurance, re-insurance, risk management, actuarial services, wealth management services etc., It would also house IT product & solution vendor teams which specifically cater to the needs of these financial institutions\busineses including IT infrastructure, management and customer servicing (ITES & BPO services) for them. The city would also have training centres, staff training colleges and relevant educational institutions, the official release said.

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