An IT park, yielding 10,000 direct jobs will be set up at Koratty (near Kochi and Trissur), state revenue minister KP Rajendran confirmed, when contacted. This is part of the initiatives from the 'land bank' that the state government is culling together for development projects, he said. About 45 acres for the new IT park will be from the excess land procured from the Koratty unit of Vaiga Thread Processors last year.
A small portion of the land from Vaiga Thread Processors was given to National Highways and one acre to Kerala State Electricity Board for infrastructure development.
The land bank is envisaged considering the development of the state in the next 25 years, the minister said. The land needs for many crucial infrastructure projects coming up in the state, including the new bypass in Kochi, ring roads, Kochi Metro Rail and IT Parks, are factored in, while detailing the land bank project. Construction of office and commercial complexes on BOT (build-operate-transfer) basis with State-run outfits like KSIDC, Kinfra, Kerala Power Finance Corporation and Kerala Tourism Finance Corporation are also in consideration. State Planning Board is considering whether the land bank can get more operational efficiency if it takes a company form.