TNPL re-invites bids for Ambattur land

Chennai: The Tamil Nadu Newsprint and Papers Ltd (TNPL), for the second time, has invited bids from property developers to lease its land in suburban Ambattur to set up an IT park.

TNPL owns 3.5 acres land in Ambattur, an industrial area on the western outskirts of Chennai, which it plans to give on a 25-year lease to those interested in setting up an IT/ITES park. The potential built up area in the plot is estimated at about 3.5-4.5 lakh sq ft.

The company has invited bids from property developers, construction companies and IT companies to lease the land and to develop it on a Build-Lease-Operate-Transfer (BLOT) or Build-Own-Operate-Transfer (BOOT) basis. The land lease payment could be on an upfront or yearly lease basis. At the end of the lease period, the property along with the development and rental rights revert to TNPL.

Those eligible to participate in the bid are developers and builders or a consortium with a networth of Rs 200 crore and experience in an IT building project of over 3 lakh sq ft in the last three years. IT companies should have a turnover of Rs 500 crore in the last fiscal and been in business for at least three years.