The Kochi Metro Rail Ltd (KMRL) signed two Memorandums of Understanding (MoUs) to the tune of Rs 4,000 crore with the Kerala Infrastructure Fund Management Ltd (KIFML) on Friday to develop and bring international investments in Kakkanad Bliss City and Water Metro projects. KMRL managing director Alkesh Kumar Sharma and V S Senthil, CEO of KIFML, signed the MoUs at ASCEND 2020 global investors meet here.
KIFML is the asset management company promoted by the Kerala Infrastructure Investment Fund Board (KIIFB) and acts as the investment fund manager for the board’s projects. The Bliss City project will come up on 31 acres of land at Kakkanad. KMRL has already engaged an agency to carry out a feasibility study and to plan and bring investors for the project. Under the project, KMRL is planning to set up an entertainment zone which would include hotel, condominium, indoor amusement park, shopping mall and residential area.
Though the government had announced the project earlier, this is for the first time that it has declared that funds will be channelled through KIFML. Meanwhile, the `747-crore Water Metro project is the largest water-related initiative in Asia and aims at bringing the metro experience to water transport by introducing advanced ferries and revamping boat jetties.
The project will serve over one lakh Islanders. KMRL hopes to launch the project in November. “KMRL is happy to announce its partnership with KIFML for the Kakkanad Bliss City project, a state-of-the-art entertainment zone in the city. Bliss City is going to be the next big wellness and wholesome entertainment destination for people of Kochi and tourists,” Sharma said after signing the deal.