Tamil Nadu: Tamil Nadu Industrial Development Corporation (TIDCO) and AMR Constructions signed a memorandum of understanding (MoU) on Thursday to implement the Nanguneri multiproduct Special Economic Zone (SEZ). The SEZ, to be built on 2,520 acre by AMRL International Tech City Ltd in two phases, is expected to attract investments worth Rs 15,000 crore and to employ over 70,000 persons.

Over 1,500 acres would be allotted for projects from various sectors like engineering, pharmaceutical, automobile components, electronics and software, information technology, biotechnology and transportation. The other 1,000 acres would be used for construction of common infrastructure facilities to support the manufacture of various products.

The MoU was signed by the Tidco chairman S Ramsundaram and, on behalf of the AMR group by A Mahesh Reddy and B Ravikumar Reddy in the presence of chief minister M Karunanidhi.

Foundation stone for the Nanguneri SEZ in Tirunelveli distirct was laid in Februray 2001 when Karunanidhi was cheif minister.

Nothing much was done on the project during 2001-06, when the state was under AIADMK rule. The SEZ proposal got a new life with the return of Karunanidhi as chief minister in 2006. It was decided to implement the project as a joint venture of Tidco with the Hyderbad-based AMR group and their associates.

With the acquisition of the required land, the Union government approved the project in May 2007. Nanguneri SEZ was envisaged to speed up the industrialisation of the southern districts, support the entrepreneurs and employ the large number of educated unemployed youth in the region.