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THIRUVANANTHAPURAM: A memorandum of understanding for handing over 50 acres of land to IT major Infosys will be signed here on Wednesday in the presence of Infosys co-chairman Kris Gopalakrishnan.

It’s the second land parcel that Infosys is getting near Technopark here for setting up their own campus. The new land is being allotted in the proposed Technocity project coming up adjacent to the Technopark. The company already has a development centre set up in 50 acres. More than 4,000 IT professionals are currently working here.

According to senior officials in the IT department, the company would be paying a price commensurate to the expenses government incurred for land acquisition. This would come around Rs 1 crore per acre. The agreement would be signed in the presence of CM Oommen Chandy and IT and industries minister P K Kunhalikutty after the weekly cabinet meeting here on Wednesday.

As per the SEZ rules, any company that receives land should set up a minimum 10 lakh sq ft built up space in three years. Infosys is learnt to have promised to generate at least 10,000 job opportunities in its new campus. at Technocity.

The expansion activities of the already existing campus would also continue. Technopark authorities have recently completed the land acquisition process for Technocity project and the Union ministry of commerce and industry has accorded SEZ status for 130 acres acquired for the project.

Via : TOI

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SEZ – Special Economic Zone