Tecom to pump in more funds for Smartcity Kochi

Tecom to pump in more funds for Smartcity Kochi Tecom, the promoters of the SmartCity Kochi project, is in the process of pumping in more funds to take the project forward. While Emirates NBD, a leading banking group in UAE, will be main financier, support finance is being sought from the Industrial Development Bank of India (IDBI) Bank. IDBI Bank had consulted one of the director board members of SmartCity Kochi to evaluate the feasibility of the project. The bank is said to have received a positive feedback. In a letter sent to the then Chief Minister V.S. Achuthanandan last month, the Supreme Fiscal Committee of the Dubai government had emphasised the need to pump in further investments by SmartCity and the State government in the ratio of 84 per cent and 16 per cent respectively during the three quarters between April and December this year. The initial investment of Rs. 120 crore made by the partners had been exhausted on acquisition of land, project development cost and operating expenditure since 2007.

Dr Baju George is the new Smart City Kochi CEO In an effort to expedite the works of Smart City, Kochi, the Tecom has decided to appoint Baju George as the managing director of the project. It was the five-member committee headed by the supreme council of Dubai Holdings, the parent company of the Tecom, that selected Baju George as the managing director. Baju George who is currently holding the post of project director of Dubai International Financial Centre was the project director of Smart City when it was floated.

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