The memorandum was signed at the State administrative headquarters of Writers' Buildings in the presence of the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, and the State's Urban Development Minister, Mr Asok Bhattacharjee.

The implementation of the township project will entail an investment of Rs 33,000 crore. It will provide employment to 40,000 people and the project is expected to be complete within the next 10-12 years.

Of the 4,840 acres earmarked for the project, 771 acres would be used for industrial purposes. The balance portion of the land would comprise residential complexes, a stadium, hospitals, multiplexes, etc. Housing facilities would be provided for higher income groups, middle & lower income groups and even for those belonging to the economically weaker sections of society.

Revival package
 State Government sources said a good revival package had been prepared for those who would lose their land for the township project. People who have to give up their dwelling units for the project would be offered either a flat in the township or a two-cottah plot of land on which they can construct their own house. Each family shifting its residence would be offered Rs 2,000 for doing so.

When asked, the Chief Minister said he was willing to talk to Opposition parties on issues pertaining to land acquisition for various projects in the State.