New Delhi, May 4 (KNN) The establishment of Permanent Trade Centre under Public-Private Partnership mode in Tiruchi district of Tamil Nadu for floating a special purpose vehicle (SPV) is expected to begin soon.

A government official from the district said that 9.4 acres of government land at Panchapur had already been allocated for setting up trade centre in the city.

The concerned authority has already approved the project and it now depends on Tiruchi District Tiny and Small Scale Industries Association (TIDITSSIA) to begin the work, he added.

The trade centre establishment project will be executed through Tamil Nadu Small Industries Development Corporation in association with TIDITSSIA.

Commenting over the Project initiation process, N. Kanagasabapathy, President, TIDITSSIA said “We are awaiting clearance from SIDCO which is expected to come within 15 days. Once it is received, the SPV will be floated.”

Establishment of a trade centre on the lines of those in Chennai and Coimbatore has been a long-pending demand of industry in Tiruchi district.

Also, 50% grant had been announced by the state government in 2017-18 budget subject to the condition that the maximum of Rs 5 crore would be extended to MSME associations for establishing trade facilitation centres in Tiruchi, Madurai and Salem.

For the establishment of trade centre in Tiruchi, an investment of Rs 11 crore would be required.

Further, the state-of-the-art trade centre will house exhibition and convention halls with communication facilities and office space to be rented out to members of MSME associations or individual units for displaying their products and hold trade-related discussions.