Sobha Group to set up Rs 5,000 cr project in Kerala

Thiruvananthapuram, Aug 20 (UNI) A Memorandum of Understanding (MoU) for the largest-ever private investment in Kerala was signed between the state government and Sobha Developers Ltd today for setting up a Rs 5,000 crore Hi-tech City in Kochi.

Speaking on the occasion, Kerala Industries Minister Elamaram Karim said about 75,000 direct jobs would be generated by the project which would be completed in eight years' time.

The government's role in the project would be of a facilitator.

It would not make investments in it, he added.

Spread over an area of 400 acre of land located very close to the by-pass highway near Maradu in Kochi, the project included seven million sq ft Knowledge Park, shopping malls and avenues, hospitality projects, residential complexes and related infrastructure, including a unique marina of international standards for the purpose of creating a substantial number of technology jobs.

Addressing the gathering, Sobha Group Chairman P N C Menon claimed the project would be world class and something which India had not seen yet.

Stating his company was committed to the welfare of the weaker sections, Mr Menon announced that 600 one-bedroom apartments in the proposed Hi-Tech City would be distributed free of cost to the poorest of the poor in Marad Panchayat.

The distribution of apartments would begin from the third year and all of them allotted when the project was completed within the next eight years.

The MoU was signed between Principal Secretary for Industries and Commerce, T Balakrishnan and Sobha Developers Managing Director J C Sharma.

UNI