Kerala signs shareholders and State support pact for Kochi-Bengaluru Industrial Corridor

Our Bureau Kochi | Updated on October 23, 2020 Published on October 23, 2020

A special purpose vehicle will be formed for the detailed planning and management of the projects

The Kerala Government has signed the shareholders and State support agreements with the National Industrial Corridor Development & Implementation Trust (NICDIT), Government of India designated agency for the Kochi-Bengaluru Industrial Corridor.

The State Support Agreement (SSA) was signed by K. Sanjay Murthy, Chief Executive Officer of NICDIT and Alkesh Kumar Sharma, Additional Chief Secretary, Special Projects – Infrastructure & Industries, in charge of Industrial Corridor projects.

Kinfra is the nodal agency of Kerala government for implementation of the project.

A special purpose vehicle will be formed for the detailed planning, design, implementation, operation and management of the projects. There will be equal number of representatives of the State government and NICDIT on the Board, which will be a 50:50 equity participation joint venture.

Kochi-Palakkad region of the corridor is the first phase of its integration. The regions in Malabar will also be linked to the corridor in due course.

The Integrated Manufacturing Clusters are planned along the corridor to boost the manufacturing activities including electronics, IT, biotechnology, Life sciences, in etc Palakkad, Thrissur and Ernakulam in the Phase I, and Kannur, Kozhikode, Malappuram and Kasargode in the Phase II.

The Chief Minister Pinarayi Vijayan said the Kochi–Bengaluru Industrial Corridor would fuel the economic growth and generate more employment opportunities by stimulating investments in the manufacturing sector, agro processing services and export-oriented units.

Sanjay Murthy, CEO, NICDIT, appreciated the support of the State government in expediting land acquisition and project development activities. NICDIT will provide support up to ₹3,000 crore as equity for the project and will also assist in master planning, design, engineering, EIA and environment clearance and in marketing the project to potential investors in India and abroad.

The proposed project is expected to attract investments in basic infrastructure development, electronic hardware manufacturing, knowledge-based industries, defence and aerospace engineering, information technology, food processing and port-based logistics development. This is a significant step towards the overall development of the State, said Alkesh Kumar Sharma.

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Published on October 23, 2020
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