Kerala Infrastructure Investment Fund Board (KIIFB) will fund Rs 840 crore for acquiring land for the GIFT City project which is coming up in Kochi. The land acquisition process, which has begun, will be expedited and completed fast with the KIIFB approving the funding.
Industries Minister P Rajeev has announced the KIIFB’s decision to allocate the fund for acquiring 358 acres of land for setting up Global Industrial Finance and Trade (GIFT) City at Ayyampuzha near Aluva.
“GIFT City is a massive project that aims to mark Kochi on the world map as a state-of-the-art infrastructure hub. Coming up on 358 acres of land as part of the Kochi-Bangalore Industrial Corridor, Gift City will be a global financial centre combining innovation and growth. It will be an epitome of modern concepts that integrate life, work and entertainment. The land acquisition process is in progress and Rs 840 crore has been granted by KIIFB for this purpose,” the Minister said in an FB post.
The GIFT City project, which will bring in an investment of over Rs 1600 crore, is expected to create over 1.2 lakh direct and 3.6 lakh indirect employment opportunities.
The project solely focuses on bringing in global majors operating in the verticals of finance, banking, asset management, legal, accounting and IT. It will also have world-class convention centres, entertainment and hospitality facilities.
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