Kochi, Jan 19: Kerala Industries Minister Elamaram Kareem laid the foundation stone for the Rs 4,000 crore 'HDIL Cyber City' here today and described it as among the 'most important' private sector investments in the state.

Speaking at the function, Mr Kareem noted that the project aimed at generating 60,000 direct and 150,000 indirect employment opportunities in the IT/ITES sectors. ''This is among the most important private sector investment proposals cleared by the LDF Government,'' he added.

Stating that the industrial revival of Kerala was among the priorities of the Government, Mr Kareem said a number of proposals were being considered to this end.

Several projects had been cleared, including the 'Smart City' and Shobha Hi-Tech City infoparks in Kochi and an integrated industrial complex, to be set up by Malaysian company SIDP, in Kozhikode. The final agreement for the Kozhikode project was expected to be signed by March.

Several initiatives had been taken to revive the sick and closed PSUs in the state. To this end, Transformers and Electricals Kerala Ltd (TELK) had signed an agreement with NTPC while the Thiruvananthapuram-based Kerala Hi-Tech Industries Ltd (KELTEC) had been taken over by BRAHMOS, paving way for the setting up of the first defence production unit in Kerala.

Also, joint ventures between the state PSUs and the Indian Railways, SAIL and BHEL were in the offing, he added.

Stating that the Petronet LNG Terminal project here would be completed by 2011, Mr Kareem said a monitoring mechanism had been put in place for its time-bound completion.- UNI