Work on Technocity to begin on June 4

Kerala chief minister V S Achuthanandan will formally launch Technocity, the biggest IT project in the state, on 4 June at Pallipuram, near Thiruvananthapuram.

The Technocity would be developed on 450 acres as an integrated township, with IT/ITeS infrastructure, residential apartments, shopping malls, hospitals, hotels, educational institutions and other support facilities.

The total project cost is estimated at Rs 6,000 crore.

This was announced at a press conference addressed by Mervin Alexander, CEO Technopark (Thiruvananthapuram), Siddhartha Bhattacharya, CEO Infopark (Kochi) and Binu Pazhoor, CEO Cyber Park.

Land acquisition was completed earlier this year at a cost of Rs.340 crore funded by a consortium of banks headed by Central Bank of India.

The project would provide direct IT/ITeS jobs for 100,000 people and indirect for 400,000, they said. It will be developed in a phased manner over seven years, with the first phase to be completed in two years, to enable IT companies to start functioning by July 2012.

The project is to be developed through multiple special purpose vehicles in association with leading developers.