KOCHI: A month after the appointment of a committee to finalise the contours of the withdrawal of Tecom Investments from the joint venture, the Kerala government is set to take over the SmartCity Kochi project in a move that enables the government access to the 246-acre IT park at Kakkanad.
Tecom, a subsidiary of Dubai Holding, held 84% stake in SmartCity Kochi, while the state government held 16%. The expert committee -- comprising Kerala State IT Mission director Sandip Kumar, Infopark CEO Susanth Kurunthil, and Overseas Keralites Investment and Holding managing director Baju George -- has met once, according to sources.
When contacted, Minister for Industries P Rajeeve told TNIE, “The plan is for the state government to take complete control of the project. However, it may take seven to eight months to get a clearer picture on what the final terms will be.”
He said the chief minister has clarified that the 246-acre park will function along the lines of Infopark, under the complete control of the state government. “It has been made clear that the project will not go to a private party,” Rajeeve stressed.
He said the Tecom exit should be on mutually agreeable terms as international arbitration may prolong for several years.
On whether the land available with SmartCity Kochi will be used for Infopark Phase III, the minister said, “It has already been decided to make use of land pooling for the Phase III project to find the space needed for expansion. GCDA (Greater Cochin Development Authority) has been given the responsibility.”
The future of SmartCity Kochi became a topic of discussion after Tecom wrote to the state government, highlighting its inability to continue with the project.
The government’s announcement of appointing an independent evaluator to determine the compensation to be paid to Tecom had attracted widespread criticism.