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Metro Rail approval to Infopark grabs attention of investors

KOCHI: Kochi city’s economy is poised for a boom in the coming years as already bustling Kakkanad, the IT hub, will witness more investments pouring in with Union Cabinet approving implementation of Kochi Metro Rail Phase II of Kochi Metro Rail Project from JLN Stadium to Infopark via Kakkanad.

Major business houses which are into real estate, entertainment and hotels, are queueing up to grab an opportunity to make sizeable investment in Kakkanad foreseeing Kochi Metro’s connectivity and further expansion of InfoPark campus.  The second phase will be constructed at a cost of Rs 1,957.05 crore covering 11.17 km with 11 stations.

The most awaited announcement came from Union Minister for Information and Broadcasting Anurag Thakur recently after the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. While 60 per cent of the cost of the second phase amounting to Rs 1,016.24 crore will be through loans from bilateral and multilateral agencies, Government of India (GoI) and Government of Kerala (GoK) will have an equity stake with investment of Rs 274.9 crore each.

According to an official statement, another Rs 63.85 crore or 3.77 per cent of the contribution will be Union Government’s subordinate debt for 50 per cent of central taxes and a similar amount will be Kerala Government’s subordinate debt for 50 per cent of central taxes. The Phase-I of the Kochi Metro from Aluva to Petta covering a length of 25.6 km with 22 stations, which was constructed at a cost of Rs 5,181.79 crore, is fully operational and with the completion of Phase II, Kochi Metro will become the major passenger carrier in the city.

Already, the works on Kochi Metro Phase 1A project of viaduct of 1.80 km between Petta to SN Junction with an approved cost of Rs 710.93 crore and Kochi Metro Phase 1 B Project of 1.20 km from SN Junction to Thripunithura Terminal are progressing well as state sector project.

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