India - The Kerala State Industrial Development Corporation (KSIDC) and the Fertilisers and Chemicals Travancore (FACT) have signed a memorandum of understanding to set up a convention and exhibition centre in Kochi, India.
The MoU involves an investment of more than US$80million and was signed off by KSIDC managing director, Alkesh Sharma and FACT technical director VG Sankaranarayanan.
A joint venture company has been formed to promote the new centre, with KSIDC holding 51 per cent and FACT 49 per cent of the shares.
The project will be built on 30 acres of land at Udyogamandal, by the side of the Vallarpadam Highway, mid-way between Kochi International Airport and Vallarpadam Transshipment Container Terminal.
It will be developed by National Highway Authority of India, and encompass permanent exhibition halls, a convention complex, a five-star hotel and commercial centre.
Industries minister Elamaram Karim said the new venture would help boost trade and commerce in the state, the first phase of the project is to be commissioned by the end of next year.
