Kochi, Feb 27 (KNN) With the aim to attract more investments and create employment opportunities in state, the Kerala government has approved setting up of eight private industrial parks in the state.

“It will be a path-breaking development for the industrial sector. Eight parks have been approved in five districts of the state,” Industries Minister P Rajeeve said.

As per reports, one industrial park is coming up in Kannur, two in Pathanamthitta, three in Kottayam and one each in Palakkad and Malappuram.

Private parks can be established by individuals, trusts, private limited companies or cooperatives. “Those who own 10 acres of land can apply. The land should be eligible for industrial use,” he said.

The state government will provide Rs 3 crore as incentive for infrastructure development such as setting up effluent treatment plants.

“The incentive is Rs 30 lakh/ acre and can go up to a maximum of Rs 3 crore. Whatever exemptions and benefits a government industrial park gets will be given to the units in these private industrial parks too,” the Minister added.

The state government is also planning to set up a Risk Fund help the start-ups launch commercial products using the research findings at the universities.  (KNN Bureau)