Dubai firm signs deal for $350 million IT project in India
07 Mar 2011
A $350 million IT infrastructure project, planned by Dubai-based Tecom Investments in India, is set to take off with the signing of a lease agreement with the state government of Kerala for the SmartCity Kochi scheme.
The scheme has been dogged by delays but the agreement is now expected to provide it fresh momentum.
Construction on SmartCity Kochi is expected to begin soon after a Special Economic Zone notification is received for 131 acres. The scheme has already been cleared by the ministry of commerce.
For Tecom, the deal represents a big step in its international expansion strategy of creating successful prototypes of Dubai Internet City and Dubai Media City at various locations worldwide.
The lease agreement for the 246-acre project will take shape with an initial investment of $350 million and is expected to generate large-scale employment opportunities in the IT and allied sectors.
Abdul Latif Al Mulla, Tecom Group CEO who is also the vice-chairman of SmartCity Kochi, said: "This key step reflects our confidence in the vision for SmartCity Kochi and our commitment to the people of Kerala.