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The Rs 210-crore UL Cyber Park in Kozhikode, the first IT special economic zone in the cooperative sector, which expects to open a new IT destination in South India, is getting ready for commissioning.
“We hope to commission the project in March,” P. Gopinath, CEO of the Cyber Park, said. The building will be fully ready in a month and the formal commissioning could be in early March, he said.
More than a dozen multinational companies have shown interest in setting up shop there, Gopinath said. The park aims to let out a half of the five million square feet space to big companies.
“We hope the big companies will start moving in in the second quarter of the financial year,” Gopinath said.
He noted that the IT market is looking up globally and that 2014 would be a good year for the sector. “We are excited by the market prospects,” he said.
The park, promoted by the Uralunkal Labour Contract Cooperative Society, is positioning itself as a back office, West Asia banking and financial sector destination.
Gopinath said work on the second phase of the project might begin next year. The second phase aims to build residential buildings and hotels catering to the IT and ITES professionals and business people.
Paleri Ramesh, Chairman and Managing Director of the company, said that since the Cyber Park, promoted by a cooperative labour contract society, is the first of its kind, the management would like the Prime Minister to commission it.
“However, if the Lok Sabha elections are announced and the model code of conduct comes into force, we will delay the formal commissioning by a couple of months. But the park will start functioning as soon as MoUs are signed with the IT companies,” he said.
He said the park was getting a stream of applications from IT professionals from Bangalore wanting to relocate to Kozhikode. The number of applications showed that the park would not find any dearth of human talent. IT talents in the northern Kerala region and the linkages with Bangalore, India’s IT capital, are among the advantages of the UL Cyber Park.
He said that of the Rs 210 crore cost of the first phase, Rs 126 crore came as loan from a consortium of four banks. The Uralunkal society pumped in Rs 84 crore and the Kerala State Industrial Development Corporation provided Rs 9 crore as equity.
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