ADB to sanction Rs 33 billion for Chennai-Kanyakumari industrial corridor

The Asian Development Bank (ADB) has agreed to sanction Rs 33 billion for the Chennai-Kanyakumari Industrial Corridor Project. The project, which forms a part of the East-Coast Economic Corridor, involves strengthening 15 existing major road stretches, spanning 655 km across 23 districts in Tamil Nadu. It is expected to entail an investment of Rs 64 billion. The land acquisition cost will be borne by the state government while the construction cost will be shared by the state and ADB in the ratio 70:30.