Axis Commercial Real Estate Fund has made its first investment in Tamil Nadu’s Fintech City, acquiring a 1.5-acre plot in Chennai for Rs 75 crore. The plot will be developed into a Grade A office building over the next three years, marking the fund’s inaugural investment and a significant step in establishing Chennai as a global fintech hub.
Results for: TIDCO
Tamil Nadu Industrial Development Corporation Limited (TIDCO) has successfully retrieved 985 acres of land at the Nanguneri Multiproduct Special Economic Zone (SEZ), which had been illegally mortgaged by the former promoter without government approval. This recovery follows a legal battle initiated by Tamil Nadu Assembly Speaker M. Appavu in March 2023, who had petitioned Chief Minister M.K. Stalin to retrieve the land and initiate legal action against the responsible parties. The recovery marks a significant step in efforts to restore the SEZ, which was envisioned to create over 10,000 jobs in the region.