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Thiruvananthapuram , Aug. 29

THE State Government has formulated an incentive scheme envisaging a lump-sum payment of Rs 50 lakh to leading IT companies that commit `major' investments in the State.

Announcing this here, an official spokesman said that the scheme, called `Pioneer Company Investment Scheme', would replace the existing `Early Bird Incentive Scheme'.

Eligibility is limited to a select group of 20 leading companies of Indian vintage or 100 companies with multinational operations.

From this list, five companies would be ultimately chosen for the incentive scheme provided they prove their core competence in any list of sub-sectors that include software development/content creation, IT-enabled operations, hardware manufacturing, IT infrastructure development, IT training facilities for a minimum 1,000 personnel every year and rural connectivity (information and communication technology) providing.

Those wishing to avail themselves of the scheme should register with the State IT Mission not later than March 31, 2004, the spokesman said. Only those companies who have already committed capital investments to the tune of Rs 10 crore would be considered under the scheme.

The `Pioneer Company Investment Scheme' will operate in tandem with the IT industry incentive scheme that is already in vogue, the spokesman added.

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