Promoters to get 33 acres at Kinfra Hitech Park near Kochi

V. Sajeev Kumar

Kochi, Sept. 19

Kerala Industrial Infrastructure Development Corporation (Kinfra) has invited expression of interest for developing an industrial park and SEZ for gem and jewellery at Kochi.

Kinfra proposes to select the developers for the industrial park and SEZ through an open competitive selection process.

The site of the proposed park is on 33 acres at Kinfra Hitech Park at Kalamassery.

An area of 25 acres is earmarked for the development, while the rest is earmarked for units catering to the domestic market.

The park would be conceived, designed, implemented, operated and maintained by a private developer through a special purpose vehicle incorporated under the Indian Companies Act, 1956. The corporation would contribute land and basic infrastructure facilities like dedicated power, continuous water supply and communication facilities.

The private sector parties would contribute equity funds to the SPV that would be utilised to fund the development of specific infrastructure facilities that can be used as common facility. The private sector would also be setting up their respective units within the park.

ELIGIBILITY CRITERIA

The minimum eligibility criteria for the developer are 10 years experience in gem and jewellery business and tangible net worth not less than Rs 50 crore as per the audited financial results of the preceding financial year.

The SEZ and park will be a one-stop destination where bulk orders can be placed with more than one manufacturer at the same location.

The setting up of a facility is expected to help Kerala facilitate standardisation in the industry in order to make the products acceptable to international markets, to provide steady employment opportunities and to make available the latest technology in this area with a view to preserving this traditional industry.

Preliminary discussions regarding the joint development of the proposed SEZ were held with the representatives of World Gold Council and a council representative also visited the proposed site.

(This article was published in the Business Line print edition dated September 20, 2006)
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