The allocation of Rs. 42 crore for Infopark, Kochi, in the State Budget will give a big push to its second phase expansion. The allocation has boosted its chances of raising the targeted fund for the current financial year.
The allocation is an increase of 47.36 per cent compared to the budgetary assistance of Rs. 28.50 crore provided during the last year. Besides, the Infopark's extension in Koratty and Ambalapuzha will also benefit from Rs. 17 crore allocated by the Finance Minister with Kozhikode IT Park being the other beneficiary. Infopark Chief Executive Officer Gigo Joseph expressed satisfaction about the allocation. Infopark will invest about Rs. 250 crore during next financial for its second phase of expansion and that of its spokes in Cherthala, Ambalapuzha and Koratty. Construction work was already underway on the second phase proposed on 160-odd acres in Puthencruz and Kunnathunadu villages and the first IT building with an estimate built-up space of 5 lakh sq.ft is likely to be ready by December next year. By 2020, the second phase will generate 80,000 jobs.
Infopark is exploring the scope for getting more land for expanding its built-up space in Koratty IT Park from the existing 55,000 sq.ft. The park will go for Special Economic Zone status if more land is available or else it will opt for two-lakh sq.ft-IT building capable of generating 2,000 jobs as a non-SEZ facility.