Kerala - Kochi   

Gem, jewellery SEZ to come up

R. Ramabhadran Pillai

KOCHI: The Kerala Industrial Infrastructure Development Corporation (KINFRA) proposes to lease out land to interested developers for developing an industrial park and special economic zone (SEZ) for gem and jewellery in Kochi. It has invited expressions of interest from developers.

The site of the proposed park spans nearly 13 hectares at Kinfra Hitech Park at Kalamassery, according to sources. Ten hectares is earmarked for the development of the SEZ for gem and jewellery and three hectares for units catering to the domestic market. The project will be conceived, designed, implemented, operated and maintained by a private developer, through a special purpose vehicle (SPV) incorporated under the Indian Companies Act, 1956. Kinfra will contribute land and basic infrastructure.

The private parties will contribute equity funds to the SPV, which will be utilised to fund the development of specific infrastructure facilities.

The eligibility criteria for the developer include a minimum of 10 years experience in gem and jewellery business. This apart, the applicant must have a net worth of not less than Rs. 50 crore in the preceding financial year.

Based on the criteria, pre-qualification will be done by Kinfra. The pre-qualified bidders will then be requested to submit a business and development plan. Kinfra will enter into a joint venture agreement with the successful bidder.

Preliminary discussions regarding the joint development of the proposed SEZ were held with representatives of the World Gold Council. One of them visited the proposed site. A meeting of Principal Secretary (Industries and Commerce) and managing directors of the council and Kinfra was held in Mumbai.

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