Sobha Developers ink MoU with Kerala Govt

New Delhi, Aug 20: Sobha Developers Ltd today said it has signed a Memorandum of Understanding (MOU) with the Kerala government to set up the largest township development, Sobha Hitech City, at an investment of Rs 5,000 crore.

The draft of the MoU has already been approved by the government of Kerala. The MoU seeks to reinforce the Public- Private Partnership (PPP) initiative by the state government, spearheaded by the Department of Industries and Commerce, said a statement.

The project will create an integrated city with a focus on research and development, knowledge dissemination, electronics, information technology and pure and applied sciences.

The city is expected to create 75,000 jobs.

The project will come up near Maradu in Kochi in a land area of around 400 acre, out of which around 320 acre have already been acquired, the company statement said.

The state government will provide a Single Window Clearance for the project, it added.

Infrastructure work will commence soon, after the signing of the MOU and the project is expected to take eight to ten years for completion after receipt of necessary approvals, the company informed.

UNI