KSIDC partners with Delhi firm for Kerala projects

THIRUVANATHAPURAM, INDIA: The Kerala State Industrial Development Corporation Ltd (KSIDC) and the Delhi-based IL&FS Infrastructure Development Corporation Ltd (IL&FS IDC) have signed a memorandum of understanding for development of industrial and infrastructure projects in Kerala.

As per the agreement, KSIDC and IL&FS IDC has formed a new company, christened KSIDC- IL&FS IDC Ltd (KS3IDC) as a project development and promotion partnership, for undertaking the development of infrastructure projects on Public Private Partnership (PPP) format or on any other appropriate formats as entrusted to the new company by KSIDC and by other departments and agencies in both government and private domains.

The project development initiatives will be taken up through KS3IDC Ltd., which will act as the nodal agency for development of industrial and infrastructure projects of sponsoring agencies in both government and private domain, across all the sectors.

It will arrange financing the project development activities for mutually agreed infrastructure projects under Public Private Partnerships (PPP), to provide all services meeting the objectives of KSIDC and Kerala, said a KSIDC official.

The KSIDC Ltd. will be managed by a board consisting of directors from KSIDC and IL&FS IDC. The board will be chaired by a nominee of KSIDC and the CEO-Director-in-Charge will be a nominee of IL&FS IDC. The new company had already taken up projects a few projects in the state, including the Oceanarium at Kochi, Film City and Life Science Park at Thiruvananthapuram.

KSIDC will coordinate with the Kerala government, it's various bodies and the other departments who entrust projects to KS3IDC and share and contribute information, data and other resources available with it or with its agencies or its entities.

Under this arrangement, KSIDC shall ensure government departments who entrust projects to the Corporation conceptualizing and structuring the project, without any financial involvement.

KSIDC's main objective will be to act as a catalyst for promoting industrial and associated growth in the state especially in the medium and large sector and to act as the designated agency of the state government to plan and promote infrastructure development projects after assessing the need in different sectors and areas and also monitor the specified mega projects during their implementation as the nodal agency.