KSIDC ties up with IL&FS for infra projects

Thiruvananthapuram: The Kerala State Industrial Development Corporation (KSIDC) has signed a memorandum of agreement with IL&FS Infrastructure Development Corporation Ltd (IL&FS IDC) for development of industrial and infrastructure projects in the State.

Under the agreement, KSIDC and IL&FS IDC have formed a new company, KSIDC-IL&FS IDC (KS3IDC) Ltd, for undertaking development of infrastructure projects on public private partnership format, or any other appropriate formats, in both government and private domains, according to a statement from KSIDC.

The project development initiatives will be taken up through KS3IDC Ltd, which will act as nodal agency of the sponsoring agencies in both the Government and private sectors.

The company will be managed by a board consisting of directors of KSIDC and IL&FS IDC and it will be chaired by a nominee of KSIDC. The new company has already taken up a few projects in the State, including the Oceanarium in Kochi and Film City and Life Sciences Park in Thiruvananthapuram.