An MoU for setting up a Rs 1,800 crore petrochemical park at Kochi, with the aim of making the port city a hub in the petrochemical production chain, was inked by the Kerala government and fertiliser major FACT, owned by the Centre.
It will come up in 481 acres of land owned by the Fertilisers and Chemicals Travancore, the state government said.
The park was aimed at making Kochi a hub in petrochemical production chain on par with Jurong in Singapore and industrial complexes in South Korea, it said.
The Memorandum of Understanding was signed in the presence of Kerala Chief Minister Pinarayi Vijayan by FACT Chairman and Managing Director S K Lohani and Additional Chief Secretary (Industries and Power) Paul Antony on behalf of the Kerala government here yesterday.
The project, which will be developed by Kerala Infrastructure Developemnt Corporation (KINFRA), will foster an environment for industries that use the by-product of Bharat Petroleum Corporation Ltd (BPCL), the Chief Minister's Office said in a Facebook post.
The Kerala government will facilitate funds for the project through KIIFB (Kerala Infrastructure Investment Fund Board).
About 150 acres of land will be acquired at the rate of Rs one crore an acre and 331.79 acres will be acquired at the rate of around Rs 2.4 crore per acre, totalling Rs 977 crore, the post said.
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