The Cyberpark being developed by Uralungal Labour Contract Cooperative Society (ULCCS) in Kozhikode, which has been accorded special economic (SEZ) by the Board of Approvals of the Union Ministry of Commerce, will see a total investment of Rs 600 crore.

UL Cyberpark, the company formed by the society, will implement the project in three phases and the first phase, expected to cost around Rs 200 crore, will be completed within three years. While a part of the development cost will be borne by the society from its internal resources, the balance will be raised from bank loans.

The park will come up on 26 acres of land and when fully completed, it will feature more than three million square feet of built-up space. In the first phase, 1.4 million square feet will be kept ready for occupation by aspiring IT companies. A total of 24 companies had responded to an expression of interest, of which two have been shortlisted. The work on the first phase will begin after obtaining the environmental clearance from the Union Ministry.