From an article in The Hindu:
An Integrated Textile Park (ITP) being developed at Edlapadu on Guntur-Chennai National Highway is expected to give the much-needed fillip to textile industry in Andhra Pradesh.
I do not understand the structure of this sentence, specifically the "being" part. To my knowledge "being" should be used only for Present and Past Continuous. I've googled around, but nothing came up.
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