Economist

Chennai's financial city is to come up in phases on 180 acres in the Sholinganallur-Perumbakkam (readily in the possession of Government) near IT Expressway (Old Mahabalipuram road). This project is expected to be the next growth lever for Chennai after auto, IT and health care sectors.

Stalin visited and inspected the site for the development of financial city, a dream project to create a financial hub for services in the state. An official release said the deputy chief minister was impressed with the site.

The Tamil Nadu Industrial Development Corporation (TIDCO), the nodal agency, has already prepared a concept paper on the financial city and has roped in KPMG Advisory Services to fine tune the concept in consultation with the stakeholders. The vision of the city would be to catalyse the growth of innovative, competitive and thriving financial services industry, including IT and BPO underpinned by world class infrastructure to make positive contribution to the economic output.

The initial focus would be to attract core financial activities like banking, insurance, re-insurance, risk management, actuarial services, and wealth management services. The city could also house IT product and solution vendor teams specifically catering to the needs of financial institutions and business. It would also have training centres, staff training colleges, relevant educational institutions in world class infrastructure.

Stalin was accompanied by industries secretary M F Farooqui, TIDCO chairperson Anita Praveen and Kancheepuram collector Santosh K Misra. Based on Stalin s announcement in the budget, a core advisory team comprising leaders in finance, banking, insurance, IT and financial services has been constituted to advise TIDCO in formulating the blue print for the financial city project.

rickyofsnow

Looks like Stalin was impressed with London's title as world financial city and trying to suck some back office financial work to Chennai.

Well, Stalin has to hurry up,If Jaya comes to power in 2011,she will dump the project.

ks2071746

Dear friend,

ADMK dumping DMK projects and viceversa are the order of the day. The ultimate sufferers are the city and the people living in the city. See the case of many flyovers getting so much delayed due to this apart from the ever lasting legal obstacles. Such delays, I don't think happen in places like Delhi, Mumbai as also in Hyderabad.