Brigade Enterprises commits Rs 34 bn investment in Tamil Nadu's Growth

10 Jan 2024 CW Team

On January 8, Brigade Enterprises inked two Memoranda of Understanding (MoUs) with the Tamil Nadu government, committing to invest more than Rs 34 billion in the state over the next 3-4 years.

These agreements were formalised during the Tamil Nadu Global Investors Meet (GIM) 2024, with Chief Minister MK Stalin in attendance.

The first MoU, in collaboration with the Chennai Metropolitan Development Authority (CMDA), outlines Brigade Group's ambitious expansion plans in Chennai. It includes the construction of two high-rise residential buildings in the IT hub of Sholinganallur, with an investment exceeding Rs 20 billion.

The second MoU was established with the Electronics Corporation of Tamil Nadu (ELCOT), Information Technology and Digital Services Department, Government of Tamil Nadu. This agreement entails an investment of approximately Rs 14 billion for the development of high-rise commercial and residential projects in various micro-markets across Chennai, including Mount Road.

The slated completion for these projects is within the next 3-4 years.

Pradyumna Krishnakumar, Executive Director of Brigade Enterprises, emphasised the strategic significance of Chennai in their business focus, spanning residential, commercial, and hospitality sectors. He noted the city's promising growth in these sectors, especially in the past year, and highlighted Chennai's emergence as a hotspot for IT/ITES and healthcare industries, driving high demand for commercial spaces.

The signing of the MoU with ELCOT involved Pradyumna Krishnakumar and Dr S Aneesh Sekhar, IAS MD, ELCOT. Additionally, the agreement with CMDA was formalised between Hrishikesh Nair, Chief Operating Officer of Brigade Enterprises Ltd, and Anshul Mishra, IAS Member Secretary of Chennai Metropolitan Development Authority, Housing and Urban Development Department, Government of Tamil Nadu.

On January 8, Brigade Enterprises inked two Memoranda of Understanding (MoUs) with the Tamil Nadu government, committing to invest more than Rs 34 billion in the state over the next 3-4 years. These agreements were formalised during the Tamil Nadu Global Investors Meet (GIM) 2024, with Chief Minister MK Stalin in attendance. The first MoU, in collaboration with the Chennai Metropolitan Development Authority (CMDA), outlines Brigade Group's ambitious expansion plans in Chennai. It includes the construction of two high-rise residential buildings in the IT hub of Sholinganallur, with an investment exceeding Rs 20 billion. The second MoU was established with the Electronics Corporation of Tamil Nadu (ELCOT), Information Technology and Digital Services Department, Government of Tamil Nadu. This agreement entails an investment of approximately Rs 14 billion for the development of high-rise commercial and residential projects in various micro-markets across Chennai, including Mount Road. The slated completion for these projects is within the next 3-4 years. Pradyumna Krishnakumar, Executive Director of Brigade Enterprises, emphasised the strategic significance of Chennai in their business focus, spanning residential, commercial, and hospitality sectors. He noted the city's promising growth in these sectors, especially in the past year, and highlighted Chennai's emergence as a hotspot for IT/ITES and healthcare industries, driving high demand for commercial spaces. The signing of the MoU with ELCOT involved Pradyumna Krishnakumar and Dr S Aneesh Sekhar, IAS MD, ELCOT. Additionally, the agreement with CMDA was formalised between Hrishikesh Nair, Chief Operating Officer of Brigade Enterprises Ltd, and Anshul Mishra, IAS Member Secretary of Chennai Metropolitan Development Authority, Housing and Urban Development Department, Government of Tamil Nadu.