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Our Bureau

Thiruvananthapuram , Aug. 18

THE draft memorandum of understanding (MoU) cleared by the State Cabinet for the proposed `Smart City' in Kochi has been approved by Dubai Internet City, the promoters of the project.

According to Government sources, DIC has communicated its decision to the State Government and invited the Chief Secretary to Dubai for signing the MoU some time in the first week of September.

However, the venue of signing would be decided at the next Cabinet meeting, the sources said.

The draft MoU, cleared by the Cabinet a couple of weeks ago, envisages making available 100 acres of land to DIC on lease for 99 years. Earlier, the land was proposed to be given free for the project in lieu of the jobs guaranteed.

The land will be given on the condition that it will be taken back by the Government if the promoters failed to create 33,000 jobs as promised by them. Besides, the legal advisor of the promoters will have no say in determining the number of jobs created.

The draft also provides for sale of Infopark (62.5 acres) by the State Government to DIC for Rs 109 crore and sale of another 136 acres to the company.

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