Latest news with #KBIC
Time of India
2 hours ago
- Business
- Time of India
Government opts for negotiated purchase of 358 acres for Global City in Ayyampuzha
KOCHI : After a wait of three years, Global City at Ayyampuzha is set to become a reality. The district collector granted clearance to proceed with the purchase of land and the revenue department will formally announce the decision soon. However, this will be a 'negotiated' purchase, which is different from the normal govt land acquisition procedure under the Land Acquisition Act. In a negotiable purchase, the govt directly purchases land from the landowner after negotiation with them rather than through acquisition. According to sources, this will avoid delays in acquisition procedures. Meanwhile, the landowner can demand and receive a high amount, if the govt agrees. Normally, the govt adopts negotiable purchases in emergency conditions. Earlier, the Centre refused to grant approval to the proposed project, following which the state govt decided to proceed with the project on its own. Industry minister P Rajeeve recently visited the proposed site and held discussions regarding the land purchasing procedures with revenue officials. As a follow-up action, a committee comprising the district collector, local MLA and grama panchayat president was constituted to coordinate next steps of the land purchase. "It was decided to acquire land through negotiable settlement. As the district collector already cleared our request, we are awaiting the final level order regarding this from the revenue department to start the acquisition procedures," said a senior official of Kinfra , the implementing agency. Global City was proposed as one of the major components of the Kochi-Bangalore Industrial Corridor (KBIC) project. Among the two nodes of KBIC, the industrial manufacturing cluster (IMC) in Palakkad was approved by the cabinet committee on economic affairs six months ago and the state govt transferred 325.26 acres of land for the Palakkad IMC. However, the second node, the proposed Global City, which was intended to span across 358 acres in Ayyampuzha, faced uncertainty as the Union govt placed it on the back burner, citing that the key elements of the development planned in Ayyampuzha were primarily residential and real estate ventures, rather than industrial undertakings as defined by regulation. When 'Kochi Gift City' was envisioned as part of the industrial corridor, the central and state govts agreed to share the project cost equally. After being informed that the Gift City was designated exclusively for Gujarat, the project was renamed Global City. Though the chief minister sought approval from the Centre, the central govt stated that this project cannot be included as part of the industrial corridor. Initially, there was an agreement to allocate Rs 500 crore to acquire 500 acres, but this has now been reduced to 358 acres. Kinfra already received Rs 849 crore from KIIFB for land acquisition. Out of the 358 acres, only 215 acres would be allocated for industrial projects. Consequently, the cost of land for entrepreneurs is likely to increase significantly. These matters will be examined in detail. Efforts are underway to explore how the Global City can be made profitable, the minister said.
Time of India
9 hours ago
- Business
- Time of India
Govt opts for negotiated purchase of 358 acres for Global City in Ayyampuzha
Kochi: After a wait of three years, Global City at Ayyampuzha is set to become a reality. The district collector granted clearance to proceed with the purchase of land and the revenue department will formally announce the decision soon. However, this will be a 'negotiated' purchase, which is different from the normal govt land acquisition procedure under the Land Acquisition Act. In a negotiable purchase, the govt directly purchases land from the landowner after negotiation with them rather than through acquisition. According to sources, this will avoid delays in acquisition procedures. Meanwhile, the landowner can demand and receive a high amount, if the govt agrees. Normally, the govt adopts negotiable purchases in emergency conditions. Earlier, the Centre refused to grant approval to the proposed project, following which the state govt decided to proceed with the project on its own. Industry minister P Rajeeve recently visited the proposed site and held discussions regarding the land purchasing procedures with revenue officials. As a follow-up action, a committee comprising the district collector, local MLA and grama panchayat president was constituted to coordinate next steps of the land purchase. "It was decided to acquire land through negotiable settlement. As the district collector already cleared our request, we are awaiting the final level order regarding this from the revenue department to start the acquisition procedures," said a senior official of Kinfra, the implementing agency. Global City was proposed as one of the major components of the Kochi-Bangalore Industrial Corridor (KBIC) project. Among the two nodes of KBIC, the industrial manufacturing cluster (IMC) in Palakkad was approved by the cabinet committee on economic affairs six months ago and the state govt transferred 325.26 acres of land for the Palakkad IMC. However, the second node, the proposed Global City, which was intended to span across 358 acres in Ayyampuzha, faced uncertainty as the Union govt placed it on the back burner, citing that the key elements of the development planned in Ayyampuzha were primarily residential and real estate ventures, rather than industrial undertakings as defined by regulation. When 'Kochi Gift City' was envisioned as part of the industrial corridor, the central and state govts agreed to share the project cost equally. After being informed that the Gift City was designated exclusively for Gujarat, the project was renamed Global City. Though the chief minister sought approval from the Centre, the central govt stated that this project cannot be included as part of the industrial corridor. Initially, there was an agreement to allocate Rs 500 crore to acquire 500 acres, but this has now been reduced to 358 acres. Kinfra already received Rs 849 crore from KIIFB for land acquisition. Out of the 358 acres, only 215 acres would be allocated for industrial projects. Consequently, the cost of land for entrepreneurs is likely to increase significantly. These matters will be examined in detail. Efforts are underway to explore how the Global City can be made profitable, the minister said. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
Time of India
13-05-2025
- Business
- Time of India
Kochi-Bangalore Industrial Corridor Gathers Steam: Palakkad Node Gets Green
Shri. P. Rajeev, Minister for Industries, Govt. of Kerala The Government of India's ambitious plan to develop world-class industrial hubs under the National Industrial Corridor Programme has reached a major milestone in Kerala. The Kochi-Bangalore Industrial Corridor (KBIC), envisioned as an extension of the Chennai-Bangalore Industrial Corridor, is now taking shape with significant progress in the Palakkad node—one of two major nodes planned under the project. The KBIC is being implemented under the aegis of the National Industrial Corridor Development and Implementation Trust (NICDIT) and aims to transform the industrial landscape of southern India. It will position India as a competitive global manufacturing and investment destination, on par with international industrial giants. KICDC Takes the Helm The Kerala Industrial Corridor Development Corporation Limited (KICDC)—a 50:50 joint venture between NICDIT (representing the Centre) and KINFRA (representing the State)—was incorporated on April 21, 2021, to execute the KBIC project. The formal State Support and Shareholder Agreements were inked on October 22, 2020. Palakkad Node: Key Industrial Hub in the Making The Palakkad node, formally called the Integrated Manufacturing Cluster (IMC) Palakkad, will span 1,710 acres across three land parcels: Pudussery Central (1,137 acres), Pudussery West (240 acres), and Kannambra (313 acres). Strategically located along National Highway 544, the site lies 35 km west of Coimbatore (Tamil Nadu) and 83 km east of Thrissur (Kerala). The IMC is set to host a diverse range of industries, including pharmaceuticals, medicinal chemicals, botanical products, textiles and apparels, food and beverages, non-metallic mineral products, rubber and plastic goods, high-tech manufacturing, and fabricated metal machinery. Approvals and Funding in Place Land acquisition has made significant headway, with approximately 1,400 acres already acquired—1,100 acres in Pudussery Central and 299 acres in Kannambra. Notifications under Section 11(1) have been issued for the remaining 240 acres in Pudussery West and the required access road. The Government of Kerala, through the Kerala Infrastructure Investment Fund Board (KIIFB), has released ₹1,489 crore to date for land acquisition. Environmental clearances have also been secured: IMC Pudussery Central and West received clearance on February 15, 2024, while Kannambra was green-lit on February 13, 2025. Major Central Push for Funding In a key development, the NICDIT board gave its approval to the IMC Palakkad project on December 14, 2022, with a sanctioned outlay of ₹3,815 crore. The Centre committed ₹1,789.92 crore as equity contribution. This was followed by Union Cabinet clearance on August 28, 2024, for a total of ₹3,806 crore—including ₹1,789.92 crore for land and ₹2,026 crore for development. Site visits by top officials—including the Minister for Industries, Law and Coir on September 24, 2024, and the NICDC CEO on October 4, 2024—have further underlined the government's intent. Equity Tranches and Master Plan Unfold In December 2024, the first tranche of equity—comprising 110 acres of land (GoK) and ₹104.5 crore (GoI)—was transferred to the SPV. This was followed by a second tranche in March 2025, consisting of ₹209 crore (GoI) and 220 acres of land (KINFRA) as state equity. The masterplan and Detailed Project Report (DPR) have been prepared by consultants appointed by NICDC. The Request for Qualification-cum-Request for Proposal (RFQ-cum-RFP) for appointing a Programme Manager for New Cities (PMNC) has been floated and is expected to be awarded this week. An Engineering, Procurement and Construction (EPC) contract tender will follow by May 2025. The entire Palakkad node project is targeted for completion within four years. Disclaimer: This article has been produced on behalf of Ministry of Industries, Kerala by Mediawire team.
Time of India
13-05-2025
- Business
- Time of India
Kochi-Bangalore Industrial Corridor Gathers Steam: Palakkad Node Gets Green
Shri. P. Rajeev, Minister for Industries, Govt. of Kerala The Government of India's ambitious plan to develop world-class industrial hubs under the National Industrial Corridor Programme has reached a major milestone in Kerala. The Kochi-Bangalore Industrial Corridor (KBIC), envisioned as an extension of the Chennai-Bangalore Industrial Corridor, is now taking shape with significant progress in the Palakkad node—one of two major nodes planned under the project. The KBIC is being implemented under the aegis of the National Industrial Corridor Development and Implementation Trust (NICDIT) and aims to transform the industrial landscape of southern India. It will position India as a competitive global manufacturing and investment destination, on par with international industrial giants. KICDC Takes the Helm The Kerala Industrial Corridor Development Corporation Limited (KICDC)—a 50:50 joint venture between NICDIT (representing the Centre) and KINFRA (representing the State)—was incorporated on April 21, 2021, to execute the KBIC project. The formal State Support and Shareholder Agreements were inked on October 22, 2020. Palakkad Node: Key Industrial Hub in the Making The Palakkad node, formally called the Integrated Manufacturing Cluster (IMC) Palakkad, will span 1,710 acres across three land parcels: Pudussery Central (1,137 acres), Pudussery West (240 acres), and Kannambra (313 acres). Strategically located along National Highway 544, the site lies 35 km west of Coimbatore (Tamil Nadu) and 83 km east of Thrissur (Kerala). The IMC is set to host a diverse range of industries, including pharmaceuticals, medicinal chemicals, botanical products, textiles and apparels, food and beverages, non-metallic mineral products, rubber and plastic goods, high-tech manufacturing, and fabricated metal machinery. Approvals and Funding in Place Land acquisition has made significant headway, with approximately 1,400 acres already acquired—1,100 acres in Pudussery Central and 299 acres in Kannambra. Notifications under Section 11(1) have been issued for the remaining 240 acres in Pudussery West and the required access road. The Government of Kerala, through the Kerala Infrastructure Investment Fund Board (KIIFB), has released ₹1,489 crore to date for land acquisition. Environmental clearances have also been secured: IMC Pudussery Central and West received clearance on February 15, 2024, while Kannambra was green-lit on February 13, 2025. Major Central Push for Funding In a key development, the NICDIT board gave its approval to the IMC Palakkad project on December 14, 2022, with a sanctioned outlay of ₹3,815 crore. The Centre committed ₹1,789.92 crore as equity contribution. This was followed by Union Cabinet clearance on August 28, 2024, for a total of ₹3,806 crore—including ₹1,789.92 crore for land and ₹2,026 crore for development. Site visits by top officials—including the Minister for Industries, Law and Coir on September 24, 2024, and the NICDC CEO on October 4, 2024—have further underlined the government's intent. Equity Tranches and Master Plan Unfold In December 2024, the first tranche of equity—comprising 110 acres of land (GoK) and ₹104.5 crore (GoI)—was transferred to the SPV. This was followed by a second tranche in March 2025, consisting of ₹209 crore (GoI) and 220 acres of land (KINFRA) as state equity. The masterplan and Detailed Project Report (DPR) have been prepared by consultants appointed by NICDC. The Request for Qualification-cum-Request for Proposal (RFQ-cum-RFP) for appointing a Programme Manager for New Cities (PMNC) has been floated and is expected to be awarded this week. An Engineering, Procurement and Construction (EPC) contract tender will follow by May 2025. The entire Palakkad node project is targeted for completion within four years. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
21-04-2025
- Business
- Time of India
Kerala govt to proceed with Global City project in Ayyampuzha after Centre withdraws approval
Kochi: As Centre refused to grant approval for the proposed Global City project in Ayyampuzha , state govt will proceed with the project on its own. Industries minister P Rajeeve informed this after visiting the project site on Monday. Tired of too many ads? go ad free now "With Centre withdrawing from the project, state govt now faces additional responsibilities. This has raised concerns about whether the project can be executed profitably. A committee comprising district collector, MLA and grama panchayat president will be formed to coordinate the next steps of the project," Rajeeve said. Global City was proposed as one of the major components of Kochi-Bengaluru Industrial Corridor (KBIC) project. Among the two nodes of KBIC, Industrial Manufacturing Cluster (IMC) in Palakkad was approved by cabinet committee on economic affairs six months ago, and state govt transferred 325.26 acres for Palakkad IMC. However, the other node, Global City, which was intended to span across 358 acres in Ayyampuzha, faced uncertainty as Centre placed it on the back burner, citing that key elements of the development planned in Ayyampuzha are primarily residential and real estate ventures, rather than industrial undertakings as defined by regulation. "When Kochi Gift City was envisioned as part of industrial corridor, central and state govts had agreed to share project cost equally. After being informed that Gift City was designated exclusively for Gujarat, the project was renamed Global City. Chief minister sought approval from Prime Minister, but Centre has now stated that this project cannot be included as part of industrial corridor," he said. "Initially, there was an agreement to allocate Rs 500 crore to acquire 500 acres, but this has now been reduced to 358 acres. Tired of too many ads? go ad free now Kinfra received Rs 849 crore from KIIFB for land acquisition. Out of the 358 acres, only 215 acres can be allocated for industrial projects. Consequently, cost of land for entrepreneurs is likely to increase significantly. These matters will be examined in detail. Efforts are under way to explore how Global City can be made profitable," the minister said. Land acquisition procedures for the project were delayed for the past two-and-a-half years as fund was not released. The amount released by KIIFB was insufficient to compensate landowners as it was fixed based on assessment of land value made two-and-a-half years ago. Therefore, a team of revenue officials has revised the compensation amount.
