MoU with DIC detrimental to the state Smart clauses bared New Indian Express Wednesday August 24 2005 11:32 IST
THIRUVANANTHAPURAM: Most of the points in the revised MoU with the Dubai Internet City cleared by the Cabinet look detrimental to the best interests of the state in the long run. The MoU is silent on the proposed volume of investment, permanency of jobs offered and the type of jobs on the cards. The MoU will not have any legal cover of either the United Arab Emirates, the Union Government of India or the state. The state's request for a commitment on an initial investment to the tune of Rs 700 crore has been rejected by the DIC. A business plan in that regard would be taken up at a later stage, the DIC said. It has been accepted in the revised document. Though the DIC agreed not to use the word 'title' for the 100 acres of land being given to it, it is clearly mentioned in the MoU that the government will transfer the land to the Special Purpose Vehicle to be floated for the setting up of the Smart City without attaching any strings. Further, the claims that the government will sell 136 acres of land adjacent to Infopark in tune with the acquisition price also fell flat. According to the agreement, the value of the land nearby the Infopark is only around Rs 26,500 for each cent.
