Turning TN as the destination of choice for IT investments

Turning TN as the destination of choice for IT investments

Electronic Corporation of Tamilnadu Limited (ELCOT), a promotional agency designated by the Government of Tamilnadu and HDFC, country's premium housing finance company has signed a Memorandum of Understanding (MoU) pledging to promote the development of IT and Information Technology Enabled Services (ITES) industries in the state and to market Tamilnadu as the 'Destination of Choice' for IT investments.

Speaking to reporters here yesterday after signing the MoU, Vivek Harinarain said that ELCOT has set a targetted benchmark growth of one company every two days in Chennai in 2005-06 and this initiative is one of the efforts towards achieving that benchmark. He further added that the initiatives of ELCOT last year to facilitate more than six million of square feet IT space with 45 plus IT builders in the private sector as well as the unique human resource initiative of ELCOT in arriving at an ELCOT model ITES certificate course and enthusing five universities to start this course in the year 2004-05 will ensure availability of both physical and human infrastructure in the IT services and ITES.

As per the understanding ELCOT shall on its part lay emphasis on the areas of marketing the state as a preferred destination for IT and ITES companies showcasing the advantages of setting up facilities in the state, assisting the prospective entrants in complying and completing the necessary formalities in relation to establishing their facilities and assisting in getting the necessary clearances, he added.

Mathew Joseph, regional manager, Tamilnadu and Kerala, HDFC said that they were very happy to support to the efforts of the Government in promoting IT industry in the State especially in Chennai. 'We are confident that ELCOT and HDFC would be able to add value to the companies that are planning to set-up operations and extend their business in India to make Tamilnadu as their first choice'.

HDFC will be able to add value in the real estate market on aspects like assisting prospective entrants in understanding their space requirement based on specific business plans, support in locating a suitable property as per the requirements of the prospective entrants, assistance in identifying the land and a suitable developer to take on construction activities and to facilitate in providing finance for developers to ensure that the property is developed on time and other property related advisory services to suit special requirements, he added.

K S Lakshminarayanan, general manager, ELCOT and T A Jaishanker, manager, business development, HDFC were also present during the meeting.

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