New Delhi, Oct 23 (KNN) Eyeing at strengthening the local industry of the region comprising of a fair share of Micro, Small and Medium Enterprises (MSMEs) , a New Trade Center is to come up Panchapur region at the outskirts of Tiruchi in Tamil Nadu.

The initiative comes under the collaboration between Tamil Nadu Small Industries Development Corporation and Tiruchi District Tiny and Small Scale Industries Association (TIDITSSIA) to accomplish. The construction process is expected to begin by March 2018.

The trade Centre is being seen beneficial for Micro, Small and Medium Enterprises sector as it will provide opportunities to the MSMEs for showcasing and marketing market their products.

With the centre in place, the MSMEs will be able to participate in exhibitions easily to expand their business.

The total investment required for the project is expected to be around 11 crores including the land and building cost at around 1.63 crore and 4.06 respectively .The state government earlier in its 2017-18 budget announced  50% grant of up to of 5 crore for MSME associations to set up trade centres in Tiruchi, Madurai and Salem.

Also a special purpose vehicle (SPV) is going to be floated soon for establishing the trade Centre. It will bear the operational, maintenance and land cost. (KNN/AG)