New Delhi, Nov 26 (KNN) A comprehensive development plan is ready and the work for preparation of a master plan for the proposed Madurai Thoothukudi Industrial Corridor (MTIC) through Asian Development Bank (ADB) will commence soon, said M.C. Sampath, Minister for Industries, Government of Tamil Nadu.

Speaking to the industrialists at a roadshow organized ahead of Tamil Nadu Global Investors Meet (TNGIM) planned in January, Sampath said “The MTIC project is gaining momentum with the funding from Asian Development Bank (ADB).”

The project was under proposal for the past many years will boost industrial development in southern districts of Tamil Nadu, he added.

He said the government is planning to acquire 19,615 acres of land for industrial development in nine southern districts that will benefit from the corridor.

Of this, acquisition is already underway in various stages for about 5,000 acres, Sampath added.

Further he said that the MTIC project is being executed as part of Chennai Kanniyakumari Industrial Corridor, which has six nodes, including the Madurai-Virudhunagar-Dindigul-Theni (MVDT) and Tirunelveli-Thoothukudi (TT) nodes. “These two nodes will be developed first.

Stating that the MTIC will significantly boost industrial development in the region, K. Gnanadesikan, Additional Chief Secretary, Industries, said southern districts already had huge potential, particularly in terms of power generation.

“There is no other region in Tamil Nadu that has so much power generation capacity, that too through a variety of non-renewable and renewable sources. This is important for industries,” he added.

He said that while Rs 500 crore has been set as the minimum investment threshold for Chennai region to avail financial incentives from the government, and Rs 350 crore for other districts, the same has been kept at Rs 250 crore for southern districts.

Secretary of Department of MSME, Dharmendra Pratap Yadav, said southern districts have an advantage in terms of land cost for industrial development.