The Times of India 15.07.2009
Financial city to be set up near Chennai
CHENNAI: The Tamil Nadu government will take steps to set up a ‘financial city’ on the outskirts of Chennai and create infrastructure facilities for the financial megapolis, deputy chief minister M K Stalin, who also holds the industries portfolio, told the assembly on Monday.
The financial city, to be set up with private participation, would look to attract banks, insurance and mutual fund companies and stock market intermediaries, he said while replying to the debate on the demands for grants for the industries department.
TOI had reported on June 22 that Stalin had mooted the idea of projecting Chennai as a potential financial hub.
A top official told TOI that two sites on the city outskirts had been identified for the purpose. “An extent of 75 to 100 acres of land will be needed for creating the social infrastructure for the project. Two sites have been identified, and discussions will be held with stakeholders to find out their preference,” he added.
Pointing out that Citibank and Royal Bank of Scotland had back-office operations in the city, he said facilities like schools, medical facilities, housing and leisure would be provided to cater to the needs of employees in the proposed financial city. Just as Tidel Park became an icon to attract IT companies to the state, the proposed financial city would provide an ecosystem for the banking and insurance sectors to set up shop, he said.
Welcoming the initiative, C K Ranganathan, chairman of TN State Council, CII said, “We are pleased with the announcement. As an apex industry body, we will support this initiative from the government and we will do everything needed to make this happen. Such initiatives will put the state on a growth path and make it a leader in attracting investments.” Improving the international air connectivity, upgrading the physical infrastructure, including roads and power supply, and ushering in legislative reforms, particularly labour laws, are key to the success of the proposed financial city.
The financial city, to be set up with private participation, would look to attract banks, insurance and mutual fund companies and stock market intermediaries, he said while replying to the debate on the demands for grants for the industries department.
TOI had reported on June 22 that Stalin had mooted the idea of projecting Chennai as a potential financial hub.
A top official told TOI that two sites on the city outskirts had been identified for the purpose. “An extent of 75 to 100 acres of land will be needed for creating the social infrastructure for the project. Two sites have been identified, and discussions will be held with stakeholders to find out their preference,” he added.
Pointing out that Citibank and Royal Bank of Scotland had back-office operations in the city, he said facilities like schools, medical facilities, housing and leisure would be provided to cater to the needs of employees in the proposed financial city. Just as Tidel Park became an icon to attract IT companies to the state, the proposed financial city would provide an ecosystem for the banking and insurance sectors to set up shop, he said.
Welcoming the initiative, C K Ranganathan, chairman of TN State Council, CII said, “We are pleased with the announcement. As an apex industry body, we will support this initiative from the government and we will do everything needed to make this happen. Such initiatives will put the state on a growth path and make it a leader in attracting investments.” Improving the international air connectivity, upgrading the physical infrastructure, including roads and power supply, and ushering in legislative reforms, particularly labour laws, are key to the success of the proposed financial city.