A MoU for setting up a Rs 400 crore Trade and Convention Centre was signed here today by Kerala State Industrial Development Corporation and Fertilisers and Chemicals India Limited.
The setting up of the Centre will pave way for a substantial jump in the investment in the business sector of the state, State Industries Minister Elamaram Kareem said.
The work on the first phase of the project was expected to begin in January next and it was likely to be commissioned in December 2010, he said.
About 35 types of fairs and events, now being held in Kerala, could be conducted at the proposed Centre, he said, adding several events were not coming to Kerala due to lack of a large convention centre. The Overseas Indian Affairs ministry had plans to hold the ‘Pravasi Bharathi Sammelan’ in Kochi, but since there was no large convention centre, it was held at Chennai last year, he said.
The project will come up in on 30 acres of land of FACT at nearby Udyogamandal, 12 kms from the city.
Both KSIDC and FACT Boards have approved the project and also decided to form a JV company towards promoting the Trade and Convention Centre, Alkesh Sharma, Managing Director, KSIDC, said. “The MoU executed today, is to incorporate a JV company with 51 percent share contribution by KSIDC and 49 percent by FACT,” he said.
The project encompasses permanent exhibition halls, a convention complex, a five-star category hotel, commercial centre and all supporting facilities for conducting conventions and trade fairs.
