Taking business closer to pleasure, Marine Drive will host Kochi Finance City, a modern hub for financial operations in the public and private sectors. The joint venture project will come up on 18 acres of land behind the High Court of Kerala building.
The land, owned by Kerala State Housing Board, will be used for the project. An international consultant would prepare the master plan, a top official of KSHB told The Hindu recently. The consultant will prepare a detailed project report and the expected investment is Rs.900 crore. The project would have commodity exchanges, shopping complex, convention halls, banks and financial institutions. The consultant would have the choice to prepare a plan based on KSHB concept. The project is to be completed within three years.
Global hubs that focus on financial operations have been set up in various cities such as Paris, Tokyo and London. In India, the Gujarat International Financial Tec City in Ahmadabad is being set up in about 600 acres, in a similar fashion. Bangalore, Hyderabad and several other cities have financial hubs.
The Ahmadabad centre is being set up after undertaking studies on the viability of financial hubs. A Nasscom-McKinsey report, quoting Percy Mistry, a World Bank expert, had said if India builds an international financial centre with suitable rules and regulations, the earnings out of financial sector exports would surpass that of IT.
