The Hindu Business Line : SmartCity: Stone to be laid today

The project, a joint venture between the Kerala Government and Tecom Investments of Dubai, is coming up on 246 acres of land and when completed will feature 88 lakh sq.ft. built-up space.

One of the conditions in the agreement, signed on May 13 this year, is that the project has to be completed within 10 years, failing which the ownership will be vested with the Government, according to Government officials.

The project is designed to create the infrastructure, environment and support systems for knowledge-based industries.

It will be modelled on Dubai Internet City, Dubai Media City and Dubai Knowledge Village and is expected to emerge as one of the biggest IT parks in the country.

The project, estimated to cost Rs 800 crore, is envisaged to create 90,000 jobs over ten years. The Government expects more investments to flow into Kochi as a spin-off.

In the first phase, the Government will have an equity participation of 16 per cent in the project and this will go up to 26 per cent within five years. Apart from business infrastructure, SmartCity will offer a one-stop shop for allied services.

One of the major advantages of Kochi is the location of VSNL gateway there, enabling smooth and uninterrupted international connectivity.

This will attract more investments, especially in the IT sector in the coming days, hopes the Government.

The officials said that Tecom had already initiated steps to sell SmartCity globally and it planned to hold road shows in important cities around the world.

The foundation stone for the project will be laid by the Chief Minister, Mr V.S. Achuthanandan, and the Executive Chairman of Tecom, Mr Ahmad Bin Byat.

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