Thiruvananthapuram: The Kerala government signed a memorandum of understanding (MoU) with FACT to acquire land in Kochi where the Kerala Industrial Infrastructure Development Corporation (KINFRA) proposes to set up a Rs 1,800-crore petrochemicals park.
The additional chief secretary in the Kerala industries department, Paul Anthony, and FACT chairman and managing director S K Lohani signed the MoU in the presence of chief minister Pinarayi Vijayan and industries minister A C Moideen.
On behalf of the Kerala government, KINFRA is taking over 481.79 acres of unused land in FACT’s Kochi division for setting up the park.
The aim of the park is to facilitate the expansion of Bharat Petroleum Corporation’s local operations and provide facilities for industrial units that can use the byproducts from BPCL and its Kochi Refinery.
The park, which will come up with assistance from Singapore and South Korea, will have facilities for small and mid-size industries to set up their units.
Under the agreement, the government will pay FACT Rs 1 crore each for 150 acres and Rs 2.4758 for each of the remaining 331.79 acres, taking the total cost of land to more than Rs 970 crore.
The park is expected to be ready by 2020 December.
KSIDC managing director K Beena, industries director K N Satheesh, KINFRA managing director K A Santosh Kumar, general manager Dr. T Unnikrishnan, manager G Sunil and KSIDC general manager Ajith Kumar also participated in the MoU signing event.