INDUSTRIAL PARK AWAITS NOD FROM INDIAN GOVERNMENT

INDUSTRIAL PARK AWAITS NOD FROM INDIAN GOVERNMENT

India's Foreign Investment Promotion Board is mulling a proposal from Singapore for an industrial park in the southeastern city of Madras.

If approved by the board and subsequently by the Cabinet, the park, known as the India-Singapore corridor because of its close location to Singapore, is expected to generate exports worth 40 billion rupees (US$1.2 billion) a year. It will house some 200 industrial units, each investing about 100 million rupees.The project is being handled by the Tamil Nadu Industrial Development Corp., a state-owned company.

Singapore companies that undertook the project are seeking permission to sell 50 percent of their production in the domestic tariff area. Normally, companies are allowed to sell only 25 percent of their export-processing zone production in the domestic market.

The park will be open not only to Singapore companies but also to India and other countries.