MPG pitches in for SmartCity

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Kochi: The Muthoot Pappachan Group (MPG) today expressed its interest in executing the Rs.1,500-crore SmartCity project. MPG has written to the state government, saying it was prepared to take up the project on ‘revised terms and conditions’. A board meeting of the group held two months back had okayed a proposal to join the SmartCity project.

According to Thomas John Muthoot, Director, “The general structure of the proposal that we first submitted in March 2007 would remain the same.”

As per this proposal, the Kerala government would have 26 % stake and non-resident Keralites 23 %, while the rest will be held by MPG. It also said the company would require 200 acres and give Rs.90 lakh per acre for a 99-year lease, and construct 20 million sq. ft. space, with the first phase to be completed in 24 months. “The nitty-gritty will be worked out once the government shows a positive signal,” Muthoot said. “There will be some changes in our earlier proposal because the current situation is not as rosy as it had been in 2007. But there would be no change in the share holding pattern,” he added. MPG has to its credit a state-of-the-art IT facility, Muthoot Technopolis at Kochi where it built 3.55 lakh square feet space, now occupied by five leading IT companies.

Kerala IT News

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