Chennai Aerospace park attracts Rs 1,015 crore investment

Another Rs 2,000 crore is in pipeline

The Chennai aerospace park has attracted investments to the tune of Rs 1,015 crore from 11 companies. The state government said 19 other companies had expressed interest to set up units with a proposed investment of Rs 2,000 crore.

Being developed by the Tamil Nadu Industrial Development Corporation Limited (Tidco), the exclusive aerospace components manufacturing industries park is coming up on 260 acre (expandable to 700 acre in Phase-II) at Sriperumbudur. It is expected to put in place a supporting ecosystem to enable rapid growth of the aviation industry manufacturing in the state.  

The park will have diversified common facilities, including an advanced computing and engineering design centre, common testing and technology centre, avionics complex, composites development centre and a warehousing complex. An advanced computing and engineering design centre would be established covering one million sft at an estimated cost of Rs 350 crore.

It is expected that the total committed investment in the park would generate 5,000 jobs.The facility will have advanced super-computing facility and design facilities ideal to the growth of aerospace components designing and product development. The proposed common testing and technology centre would be developed by the Union MSME ministry with an investment of Rs 200 crore to meet the needs of auto and aerospace, electronics and precision engineering manufacturing units.

Earlier, the state government officials had said that the state government was planning to come out with a new aerospace policy to attract greater investments from the industry.

The global aerospace industry is estimated to be worth around $1 trillion, growing at an annual rate of four per cent, while the industry  in India is growing much higher at around 10 per cent.