TRICHY: Tidel Park Limited, a state-owned enterprise, has established a special purpose vehicle (SPV) in collaboration with the Trichy corporation to develop office facilities for private IT and ITES firms in Panjapur.
The corporation has leased approximately 14.1 acres of land adjacent to Panjapur KKBT to the SPV for a duration of 45 years, with the option for extension. In exchange for the land lease rights, the corporation has been allocated equity stakes worth ₹23.7 crore, with the total land value estimated at ₹47.5 crore.
Sources indicate that the overall project cost will be around ₹462.5 crore, which includes the land cost. Tidel Park is expected to contribute ₹69.3 crore while also seeking loans amounting to ₹370 crore.
The newly formed SPV will be known as Tidel Park Trichy Limited, with the corporation’s commissioner serving as its director. Reports suggest that the equity share between Tidel Park and the Trichy corporation stands at 74.4:25.6.
“The SPV has been officially established. Pile foundation work has commenced, with 10% already completed. We have requested the electricity department to relocate the power lines above the site to facilitate construction,” stated a Tidel Park representative. The facility is anticipated to open by 2027.
