Another big investment in India by Middle East

India seems to be going Full throttle. just day before, I wrote about the investments made by global Venture Capitalists in India. They are pouring money in India as much as they are doing in Europe and China. Just a couple of years back, this percentage was not even half of them. No doubt the Indian economy is on a roll.

Today Economic Times has published that Ras Al Khaimah Investment Authority (RAKIA) is set up by the government of Ras Al Khaimah (RAK) in UAE to promote investments in RAK and abroad, which will invest Rs 20,000 crores ($545 Million) in Tamil Nadu, India.

RAKIA, in association with state-owned Tidco, has identified two projects, one each at Coimbatore and Kadalur in Kanchipuram district. RAKIA operates one free zone with a total area of 2.19 million sq metre and two industrial zones, with around 28 million sq metre.

The two organisations signed an MoU here on Saturday in the presence of Tamil Nadu chief minister M Karunanidhi, Tidco CMD S Ramasundaram RAKIA CEO Dr Khater Massaad. The Coimbatore project would come up over 1,000 acre and would have an IT SEZ supported by an integrated feeder township.

It will be fully supported with social infrastructure including a Coimbatore project . The project, which is expected to be completed in five years, would have about five million sq ft of IT space and is expected to generate employment for over 50,000 people.

The 500-acre Kadalur Marina project will have water sports, leisure, entertainment, high-end residential and a world class golf course. The project would employ over 15,000 people. The land is being purchased privately by the promoters.

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Author: Arun Prabhudesai

Arun Prabhudesai is founder / chief editor at trak.in. He jumped the Entrepreneurship bandwagon in early 2008 after a long 13 year stint in I.T Industry. You can follow him on twitter @trakin or get in touch with him at admin-at-trak-dot-in or 91.9822575676.

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