Super Corridor to be unveiled as financial-tech hub: IDA

Published on Sep 07, 2016 12:33 PM IST

The Indore Development Authority (IDA) plans to market the Super Corridor as a ‘financial-technological’ hub for which it has roped in leading advisory firm PricewaterhouseCoopers (PWC) as consultant.

Super Corridor in Indore.(File Photo by Arun Mondhe/ Hindustan Times)
Super Corridor in Indore.(File Photo by Arun Mondhe/ Hindustan Times)
Manoj Ahuja, Hindustan Times, Indore | By

The Indore Development Authority (IDA) plans to market the Super Corridor as a ‘financial-technological’ hub for which it has roped in leading advisory firm PricewaterhouseCoopers (PWC) as consultant.

Ahead of the Global Investors Summit in October, the IDA is looking for an anchor investor for the corridor that runs along 8 km from Airport Road to MR 10 with a proposed width of 600 m (excluding a 75-m wide road).

The 2021 Master Plan permits 18 activities, including corporate offices, malls and multiplexes, on the corridor. Mega projects, including a sports complex, a medical hub and a convention centre, are proposed at the corridor.

“We want to sell the idea to the companies that will participate in the summit that the Super Corridor will become a hub for BPO and IT companies and also for companies in financial sector,” IDA CEO Rakesh Singh told HT. “We have an advantage that rental is far lower than that of the metros, and the location has proximity to the airport.”

The software development centres of TCS and Infosys at the Super Corridor are slated to become operational in 2017. IDA officials are looking at the Bandra-Kurla complex model and Hyderabad-Secunderabad model for the development of the Super Corridor.

The IDA has planned a ‘finance city’, which is to be built under the public private partnership model, near the corridor on 52 acre of land. The Securities and Exchange Board of India (Sebi), the National Stock Exchange (NSE) and the Mumbai Metropolitan Region Development Authority (MMRDA) have pledged support to the project.

The IDA is making a detailed report for the proposed finance city and will seek policy changes from the government if it finds that some rules come in the way of development. Authorities are also focusing on development of housing complexes and educational institutes in the vicinity. While Symbiosis has set up its institute, Narsee Monjee will be setting up an institute in the coming months.

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