Thiruvananthapuram: Kerala Industrial Infrastructure Development Corporation (KINFRA) is inching closer to the purchase of land from Fertilizers and Chemicals Travancore (FACT) for establishing a Petrochemical Park for which the State Government has cleared the decks recently. While the land acquisition for KINFRA’s flagship project is imminent, it has also become one of the nodal agencies for implementing the Kochi-Bengaluru Industrial Corridor project that includes Integrated Manufacturing Clusters (IMC).
The Union Government recently granted permission to extend the Chennai-Bengaluru industrial corridor till Kochi. “While it is too soon to comment on the details of KINFRA’s assignments under the project, it has been on-boarded as the nodal agency for the industrial corridor,” said Santhosh Koshy Thomas, MD, KINFRA. KINFRA has also been entrusted with the responsibility of identifying nearly 2000 acres of land to set up the industrial corridor. Industrial corridor in Kerala has been a long-standing demand of the State.
Kerala Government will form a Special Purpose Vehicle to develop and manage the IMCs. While the Central Government will invest about Rs. 870 crore for the project, the State’s share of investment will be the cost of the land for the project.
Prospects of the Project
According to experts, the corridor will help integrate local, national and global-level enterprises through industrial development, contributing to India’s growth in overall global trade. The development of Kochi-Bengaluru Industrial Corridor is also expected to contribute to Kerala State’s vision to achieve a compound annual growth rate of 7.5 per cent in GSDP per capita for the next 20 years.
The State Government hopes to translate the corridor extension into at least 10,000 new jobs and investments worth Rs. 10,000 crore, thereby transforming the Palakkad-Kochi stretch into a major manufacturing hub in the region. The IMCs will be developed on both sides of the highway at a length of 100 km.
Land Acquisition for Petrochemical Park Fast-tracked
The State Government in mid-September directed Kerala Industrial Infrastructure Development Corporation (KINFRA) to complete the land acquisition for the Park. Abu Dhabi National Oil Company (ADNOC) recently expressed interest in investing in the Petrochemical Park which will be set up at Ambalamedu in Kochi.