SmartCity Kochi to raise Rs 4,000 cr from investors

Tuesday, 28 May 2019, 13:22 Hrs
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SmartCity Kochi to raise Rs 4,000 cr from investors

SmartCity Kochi, a joint venture (JV) company of the Kerala government and Dubai Holding, is all set to raise Rs 4,000 crore from potential investors for upcoming development phases, the JV said on Tuesday.

SmartCity Kochi CEO Manoj Nair said that Phase III of the project will witness residential, sports, recreation facilities and mixed-use development in a land area covering 30 acres.

"With these three phases opening up, we would create further investment opportunities of Rs 4,000 crore to promote developments in the township side of SmartCity Kochi," Nair said.

"In terms of development of IT business infrastructure, further investments to the tune of Rs 2,200 crore could be attracted. The full build out investment potential of SmartCity Kochi is estimated to be Rs 9,000 crore," he added.

As per the original framework agreement with the Kerala Government, the base investment in SmartCity Kochi was estimated to be Rs 1,700 crore. Overall, however, developments in SmartCity Kochi have so far resulted in investments of over Rs 2,600 crore.

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