Kochi smart city project: Govt to reclaim land allotted to Tecom
The cabinet has decided to appoint a committee to fix the compensation to be paid to the company.
The cabinet has decided to appoint a committee to fix the compensation to be paid to the company.
The cabinet has decided to appoint a committee to fix the compensation to be paid to the company.
Kochi: The Kerala government has decided to reclaim the 246-acre land allotted to Tecom Investments for the Kochi Smart City project. The decision was made during a cabinet meeting held on Wednesday.
The Dubai-based company and the state government are expected to mutually formulate a policy to cancel the agreement. The cabinet also resolved to appoint a committee to determine the compensation to be paid to the company.
In 2011, Tecom had signed an agreement promising to generate 90,000 job opportunities in Kochi. However, the company fell short of achieving even one-third of this target. Subsequently, Tecom expressed its willingness to withdraw from the agreement.
Under the original terms, the project was expected to involve an investment of ₹2,000 crore, creating one of the largest IT parks in India. The plan included a minimum built-up space of 8.8 million sq. ft., with at least 6.2 million sq. ft. dedicated to IT/ITES and allied services. The land for the project had been allotted near Infopark in Kakkanad.
The government had envisioned establishing India’s first Smart City with this ambitious project.