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CHENNAI: Weeks after Chief Minister C Joseph Vijay announced a Rs 400 crore Digital FinTech Hub in Coimbatore, the Tamil Nadu Industrial Development Corporation (TIDCO) has invited bids to select a consultant to prepare a techno-economic feasibility report for the proposed project.
The move marks the first major project-preparation step following the announcement made by the Chief Minister in the Assembly during the recently concluded session. The feasibility report is expected to provide the technical and economic assessment required to firm up the project’s contours and take it forward.
Vijay had announced the establishment of the Digital FinTech Hub in Coimbatore at an estimated cost of Rs 400 crore, with the project intended to strengthen the State’s financial-technology ecosystem and create a platform for technology-driven financial services.
The consultant’s assignment will involve preparing the techno-economic feasibility report, which will form the basis for assessing the project’s viability and planning its subsequent implementation.
The initiative comes as the State seeks to widen its technology and innovation footprint beyond Chennai. Coimbatore, one of Tamil Nadu’s major industrial and technology centres, already has an established IT ecosystem, with major companies operating from the city’s IT parks. The city also has a regional hub of the Tamil Nadu Technology (iTNT) Hub, focused on supporting startups, researchers and industry in western Tamil Nadu.
TIDCO has previously been involved in developing the State’s FinTech infrastructure, including the FinTech City and FinTech Tower at Nandambakkam in Chennai. The corporation’s existing FinTech projects are aimed at creating an ecosystem for financial-services and FinTech companies.
The appointment of a consultant for the Coimbatore project will now pave the way for a detailed assessment before the government moves to subsequent stages of project development and implementation.