TN clears ₹6,448 cr Chennai-Kanniyakumari Industrial Corridor

The State government has recently granted administrative sanction for the Chennai-Kanniyakumari Industrial Corridor project entailing an investment of ₹6,448 crore for which it has decided to execute a loan agreement with the Asian Development Bank (ADB) very shortly. The project cost includes ₹1,574 crore for land acquisition, which has to be borne by the State government, said official sources adding that the ADB will provide assistance to the tune of ₹3,288.15 crore and the remaining portion of the funds would also be borne by the State itself. The government also plans to take up the construction of Phase 1 of the elevated corridor from Taramani to Siruseri with JICA assistance where for the first phase of the project, 15 road stretches covering total length of 654.54 km would be improved at a cost ₹4,384.84 crore. These apart, the government also plans to enter into loan agreement with Japan International Cooperation Agency (JICA) for the first section of the Chennai Peripheral Ring Road project.