Nuziveedu plans Rs 697-cr SEZ near Chennai

CHENNAI: The Rs 1,000-crore Nuziveedu Seeds group, which is developing IT-integrated infrastructure projects across all major Indian cities, has proposed to establish an IT/ITeS Special Economic Zone (SEZ) at Sholinganallur, near Chennai, at an estimated cost of Rs 697 crore.

The Hyderabad-based group, a leading cotton seed producer of the country, is planning to set up the SEZ on 80 acres. Nuziveedu was one of the bidders for Standard Motor property near Chennai which ultimately went to Shriram Property.

In the first week of February 2007, Nuziveedu Seeds (NSL) approached the Tamil Nadu Industrial Development Corporation (TIDCO) for the SEZ project. The proposed equity for the project is about Rs 300 crore.

TIDCO might consider picking up 2-2.5% of the total equity, subject to board approval, TIDCO CMD S Ramasundaram told ET on Thursday.