The National Industrial Corridor Development and Implementation Trust (NICDIT) has approved the development of Kochi Global Industrial Finance and Trade (GIFT) city as an early bird project under the Kochi-Bengaluru industrial corridor project.
It will come up in 220 ha in Aluva in the vicinity of the Kochi international airport, said a communication here from the NICDIT.
The aim is to bring in investments for development of trunk infrastructure to the tune of ₹1,600 crore and giving a boost to building PPP infrastructure worth ₹18,000 crore over the next ten years.
This will create over 1.20 lakh direct and 3.6 lakh indirect employment opportunities and have a multiplier effect on the State economy. The global city project is planned with the financial/business centre as an integral part and growth driver for the city complemented with knowledge-based industries. It will be providing an integrated ecosystem for development of globally competitive hi-tech services and financial hub.
“GIFT city is an Onam gift to the people of Kerala. We are planning to complete land acquisition by February 2021. Master planning agency will start work from early September this year and complete the master plan by February 2021. Activities like MoEF clearance, tenders etc., will start in March 2021 and will be completed by May-June 2021,” said Alkesh Kumar Sharma, Additional Chief Secretary, Industries, who is also heading the special projects in Kerala.
The State government has accorded administrative sanction for establishing and developing GIFT city.
