The Kerala government on Wednesday gave its approval for the draft shareholders' agreement for the development of the Kochi-Palakkad Hi-Tech Industrial Corridor.
A cabinet meeting, chaired by Chief Minister Pinarayi Vijayan, also approved the state support agreement for the project, an official statement said here.
The hi-tech corridor is being developed as a part of extending the Chennai-Bengaluru Industrial Corridor from Coimbatore to Kochi, the commercial hub of the southern state, it said.
As per the plan, the length of the Kerala-Kochi-Coimbatore corridor is 160 km and the region would have six integrated production clusters, it said.
In the production cluster in Palakkad region, food processing, rubber, electronics, general and electrical machinery have been given high priority, the statement said, adding that the ambitious initiative is expected to create huge investment and employment opportunities in these sectors.
The cabinet meeting also decided to recommend to the Governor to convene the Legislative Assembly from January 29.
The budget session of the House was originally scheduled from January 30, it added.
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