Business Daily from THE HINDU group of publications
Thursday, Apr 26, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Apr 26, 2007 ePaper |
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Info-Tech
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Infrastructure Government - Policy States - Kerala Kerala Cabinet clears Smart City project Our Bureau
Thiruvananthapuram April 25 The Kerala Cabinet has cleared the Smart City project in Kochi proposed by the Dubai-based Technology and Media Free Zone Authority (TECOM). An agreement for setting up the city would be signed between the State Government and TECOM before April 30, the Chief Minister, Mr V.S. Achuthanandan, told newspersons after the Cabinet meeting on Wednesday. As per the new agreement, TECOM will construct 88 lakh square feet of built-up area over the next 10 years, with 70 per cent of the space earmarked for IT and IT related activities. The remaining space may be utilised for other purposes. The project, when completed, will generate 90,000 jobs.
LAND ALLOTMENT
The Government will provide 246 acres of land for the project with a price tag of Rs 104 crore. Out of this, around 30 acres will be given to TECOM as freehold and the remaining land will be on lease for 99 years. The Chief Minister said that Infopark in Kochi would not be part of the project as was agreed by the previous government. Also, there would not be any restriction on other IT companies coming up in Kochi. The Government will initially have 16 per cent equity holding in the new company to be formed and this will be raised to 26 per cent after five years. Besides, the Chairman of the company will be a nominee of the State Government.
More Stories on : Infrastructure | Policy | Kerala
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