Tata Realty and Infrastructure Ltd declared about agreement with the Southern state of Tamil Nadu to build a special economic zone for information technology.
The project, which will see an investment of more than 30 billion rupees, 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.
The first phase of the 4 million square feet zone will be completed by the end of 2009, with the entire project ready by 2011. Special economic zones are large tax-free industrial enclaves created to boost industrial and export growth.