The Kerala State Cabinet has cleared the draft MoU for the Smart City project in Kochi, to be set up Dubai Internet City. The MoU will be signed between DIC and the Kerala government on a mutually-agreed date.

The original draft MoU has been emended incorporating changes, few of them being:

Kerala government will not give 100 acres of free land for the project in lieu of the jobs guaranteed. Instead, land will be offered on lease for 99 years.

Further, land will be taken back if DIC were unable to create 33,000 new jobs (over a period of ten years) as promised

There will be no mention about the project outlay in the draft MoU. The investment will be specified at the time of the signing of the agreement on the basis of detailed estimates and plan.

The State Government will have nine per cent equity in the project as proposed earlier.

Also See:

Kerala government plans equity stake in Smart City project (05-May-05)