A Dubai-based consortium of NRIs from various countries around the world proposes to invest over Rs 2,000 crore in Kerala to set up IT/ITES enabled Business Parks and Life Spaces projects.
The investments would primarily be through Foreign Direct Investment (FDI), Sebastian Joseph, Chairman of the consortium, told reporters here.
The proposed ‘Emerging Kerala’ initiative of the state government here next month and its investment-friendly policies have given the NRIs confidence to start their projects in Kochi, he said.
Pravasi Investment Consortium & Equity Holdings Ltd (PRINCE Holding) promoted Prince GATES (Global Advanced Technology Enabled Society) projects are proposed to be set up in about 100 acres in Kochi, Joseph said.
The consortium is awaiting clearances from the concerned authorities and discussions are on with various government authorities and execution partners in this regard. The project is expected to give 20,000 job opportunities.
Each GATES project will contain a Special Business Zone, a Centre for Excellence in Advanced Technology and Innovation, an International Financial Centre, an Education Zone and Hospitality Zones comprising clubs, spas, service apartments and NRI facilitation centre, he said.
This is perhaps the first of its kind investment by NRIs in the country.
At least 350-500 NRIs are participating in each of the projects as a part of the consortium. After the Kerala project takes off, plans are on to replicate the same model in other major South Indian cities like Bangalore and Chennai, Joseph said.
The development is envisaged to be completely ‘sustainable’ and ‘self-sufficient’.
The project is aimed at facilitating interaction, technology development, economic growth, new venture creation, Shaji Baby John, Chairman Kings Infra Ventures Ltd, said.