Tecom investments in SmartCity Kochi to exceed 2,000 crores

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Kochi: The proposed SmartCity Kochi project is expected to cost Rs.2,000 crores, about Rs.500 crores more than what was previously projected. According to Tecom sources, the project’s initial investment was estimated at UAE Dh 1.2 billion (about Rs.1,500 crores) to be spent on building the infrastructure. This has now been revised to Dh 1.6 billion. The project which was given a ten year deadline has now been cut to five and half years.

The second Project Monitoring Committee meeting of the SmartCity Kochi project was held in Dubai on August 21, 2011. The meeting had reviewed the progress of the project and set the timeline for the first year’s activities and allotted the required funds for the same. The work on SmartCity Pavilion, which will showcase the various advanced technological advancement of SmartCity and the offices for the Administrative and Project Management team, will begin on September 29. As per the project plan, the work on the headquarter building will commence on November 19.

According to Dr. Baju George, MD, SmartCity Kochi, the project will have a built-up area of 8.8 million sq. ft. with about 20 – 25 buildings. The Kerala Government has 16 percent stake in the project. Tecom’s Dubai Internet City will focus on marketing while SmartCity will allow multinational and international IT technology companies to establish their software development facilities.

The project is expected to create about 25,000 direct jobs in its first three to four years and a total of 90,000 jobs is expected when the project is completed. The initial feedback from potential IT firms, which were approached through Dubai Internet City, who wanted to set up their facilities in SmartCity Kochi, is very positive, he added.

Kerala IT News

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