KIIFB Releases Rs. 977 crore for Purchase of FACT Land
Thiruvananthapuram: Kerala Infrastructure Investment Fund Board (KIIFB) has recently released Rs. 977 crore for the purchase of land from Fertilizers and Chemicals Travancore Ltd. (FACT) to set up Petrochemical Park in Kochi. According to KINFRA, which is the nodal agency for the project, it will be able to purchase 450 acres of land utilizing the funds.
“KIIFB has released Rs. 977 crore required for purchasing the land. This will give an impetus to the project. Many companies have already expressed their interests in investing in the project,” said Santhosh Thomas Koshy, Managing Director, KINFRA.
Of the 450 acres of land, Bharat Petroleum Corporation Limited (BPCL) will be given 150 acres for setting up facility for manufacturing propylene derivatives. The remaining land will be allotted to interested firms after the development of infrastructure facilities. KINFRA will be building infrastructure facilities like internal roads, drainages, water treatment plants, internal water supply and power supply system, common sewage treatment plants, common effluent treatment plants, rainwater harvesting facilities and systems for management of solid waste for the industrial units.
Once the Rs. 1200-crore petrochemical project is realised, industries which use propylene derivatives like acrylates, oxo alcohol and acrylic acid as raw materials can set up units there.