(MENAFN- IANS) Thiruvananthapuram Oct 24 (IANS) The Central government has sanctioned the third instalment of Rs 300.2 crore for the Palakkad Industrial Smart City Project, a key component of the Kochi-Bengaluru Industrial Corridor.

The funds have been allocated to the Kerala Industrial Corridor Development Corporation Ltd. (KICDC), even as the State government transferred an additional 316 acres of land to the corporation.

With this, the Centre has released a total of Rs 613.7 crore in three instalments, while Kerala has handed over 646 acres of land, accounting for nearly 45 per cent of the total project cost and land requirement.

The KICDC, a Special Purpose Vehicle (SPV) jointly formed by Kerala's KINFRA and the National Industrial Corridor Development and Implementation Trust (NICDIT) with equal equity participation, is implementing and coordinating the project.

A high-level review meeting was recently held in Kochi to fast-track infrastructure development.

It was attended by A.P.M. Mohammed Hanish, Principal Secretary, Department of Industries, Government of Kerala; Rajit Saini, MD & CEO, NICDIT; and Santosh Koshi Thomas, MD, KICDC. Representatives from Dilip Buildcon–PSP Projects joint venture - awarded the infrastructure development contract, and the Project Management Consultant team also participated.

The meeting decided to sign the project agreement within this month and begin groundwork immediately, with a collective emphasis on completing the infrastructure ahead of schedule.

Kerala has emerged as the first state among the 12 proposed Industrial Smart Cities in India to complete the tendering process for infrastructure development.

Two years ago, the state, through the Kerala Infrastructure Investment Fund Board (KIIFB), spent Rs 1,489 crore to acquire 1,450 acres of land for the project.

The Centre's latest fund release follows Kerala Industries Minister P. Rajeev's briefing to Union Commerce and Industry Minister Piyush Goyal in June 2024.

As the project progresses, the remaining central assistance and land transfer are expected to be completed in phases.

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