India's Tata Realty arm to build IT park

India's Tata Realty and Infrastructure Ltd had entered into an agreement with Tamil Nadu to build a special economic zone for IT.

India's Tata Realty and Infrastructure Ltd, a subsidiary of Tata Sons Ltd, said on Monday it had entered into an agreement with the southern state of Tamil Nadu to build a special economic zone for information technology.

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The project, which will see an investment of more than 30 billion rupees ($750 million), will include a convention centre and a luxury hotel and serviced apartments that will be built in a joint venture with Indian Hotels Co Ltd, another Tata group company, it said.

The first phase of the 4 million sq ft-zone will be completed by end-2009, with the entire project ready by 2011, it said.

Special economic zones are large tax-free industrial enclaves created to boost industrial and export growth.