Tamil Nadu Chief Minister K. Palaniswami on Wednesday laid the foundation for a 245-acre aerospace components parks in Kanchipuram district that is expected to attract an investment of Rs 1,000 crore in five years.

The government said that in order to strengthen the aerospace components industry, a computing and designing center costing Rs 350 crore and spread over 10 lakh square feet will also be set up through Tamil Nadu Industrial Development Corp Ltd (TIDCO).

According to the statement, the aerospace components park will involve an outlay of Rs 198 crore and is built by TIDCO and State Industries Promotion Corp of Tamil Nadu (SIPCOT). Around 50 companies are expected to set up shop in the park.