No progress on SIDCO trade centre in Trichy

Trichy: Hesitation from the Tamil Nadu Small Industries Development Corporation (SIDCO) to invite entrepreneurs for constituting a special purpose vehicle (SPV) for the Trichy trade centre is delaying construction works even as the required land was acquired last year.
To attract industrial investments in tier-2 cities, the Tamil Nadu government in 2017 announced that trade convention centres would be established in three cities including Trichy. Owing to the proactive measures of trade bodies here, 9.42 acres of land available in Panchapur in the city outskirts was identified for the project and was subsequently okayed by both SIDCO and district administration in October 2017.
Only after a prolonged struggle, which included a delay by SIDCO to agree paying the land cost of Rs 1.63 crore to the revenue department, the district administration in February 2018 gave the enter upon permission to launch civil works. Though the site’s boundaries were fenced subsequently, the construction work for the trade centre has not been initiated till date.
While the total cost of the trade centre project is around Rs 11 crore, local entrepreneurs here will have to contribute Rs 6 crore. The payment can be made only after the entrepreneurs here form SPV for which entrepreneurs here still await the official invitation from SIDCO.

“Around 300 members are ready to mobilise the required fund for the trade centre but we have not received any official communique from SIDCO to constitute the SPV. It has been a year since the enter upon was obtained but no desirable progress is made,” said N Kanagasabapathy, president, Trichy District Tiny and Small Scale Industries Association (TIDITSSIA).
It is alleged that the SIDCO management citing Lok Sabha election Model Code of Conduct (MCC) has been deferring to constitute SPV and commence civil work. “Discussions are under way to constitute the special purpose vehicle. Soon our construction wing will commence the civil work,” an official source with SIDCO said. Without such a facility, investors are forced to host business summits in tier-I cities.