The SmartCity Kochi project is still on track despite being three months late on completion of its first phase. Tecom Investments reaffirmed commitment to the project by rejecting claims of passing the project to Dubai Holding, the Tecom parent company.
SmartCity Kochi is a joint venture undertaken by Tecom Investments and the Government of Kerala, who hold a 16% share. The project is aimed at building a large network of knowledge-industry hubs across the world. Their other initiative SmartCity Malta, was initiated in October 2010.
SmartCity Kochi is expected to boost the economy and is the first project on its kind in India. It is expected to be one of the largest IT parks in the country.
CEO of Tecom, Abdul Latif Al Mulla, stated that the project will continue to be a direct part of the Tecom portfolio and will draw in participation from the big names in the global IT and media global sectors on completion.
Progress on the masterplan and Phase 1 construction will be undertaken in the next board meeting. Also on the agenda is a special meeting with India’s Union Commerce Ministry, Revenue Department, Kerala government and SmartCity officials to discuss allowance to include the entire 246 acres of land under a single Special Economic Zone.
At present only 132 acres has been permitted under the license.