Financial Daily from THE HINDU group of publications
Friday, Aug 12, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 12, 2005 |
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Info-Tech
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Infrastructure Government - Policy Kerala Cabinet clears Smart City MoU Our Bureau
Thiruvananthapuram , Aug. 11 THE draft memorandum of understanding (MoU) for the Smart City project in Kochi, proposed to be set up by Dubai Internet City (DIC), has been cleared by the State Cabinet. One of the major changes effected in the original draft MoU, to be signed between the State Government and DIC, is the decision not to give 100 acres of land free for the project in lieu of the jobs generated. Instead, the land will be made available to DIC on lease for 99 years. This will also be subject to the condition that the land will be taken back by the Government if the promoters were unable to create 33,000 new jobs as promised by them. Besides, the legal advisor of the promoters will have no say in determining the number of jobs created. Provisions relating to the sale of Infopark (62.5 acres) to DIC for Rs 109 crore and acquisition and sale of 136 acres to the company will, however, remain unchanged. As per the draft MoU, the units in the Smart City will be eligible for benefits specified in the Information Technology Policy of the Government other than those linked to the creation of employment opportunities. Also, there will be no mention in the MoU about the investment size of the project, which will be specified at the time of the signing of the agreement on the basis of detailed estimates and plan. The State Government will have nine per cent equity in the project as proposed earlier. The Chief Minister, Mr Oommen Chandy, said that the Government did not accept the demand of the promoters that no similar projects should come up anywhere between Kozhikode and Alappuzha. The understanding was that the Government would not cause any unhealthy competition with the Smart City in the surrounding areas. The revised draft of the MoU will now be sent to the DIC authorities and it will be signed on a mutually agreed date.
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