KSIDC has been on the look out for a new developer for the mega industrial project in the state as two of the promoters identified by the agency earlier had backed out from the venture before the betrothal was over for reasons best known to them.

Senior officials in the state industry ministry told The Financial Express that KSIDC, making a departure from earlier approach, has decided to look in for a developer who could bring in the funds and technology in association with global and domestic majors in the field for developing the project. This is in marked contrast to the agency's earlier stand of identifying a single promoter for developing the multi-crore project.

Sources said the agency has opened talks with a couple of leading players in the filed for identifying a developer for the mega infrastructure project in the state. The agency is in talks with a number of companies including a prominent US-based NRI power developer for providing a fresh lease of life to the project.

The US-based NRI developer with vast experience in promoting power and related projects will soon incorporate a 100 per subsidiary company in India for the development of the Kasargode petrochemical complex, it is learnt. The NRI developer will arrange necessary funds for the venture in collaboration with other major players in the field. They may also rope in global majors in the hydrocarbon business into the venture besides turning to the Indian companies interested in the venture. The Kerala government through its various agencies including KSIDC will also contribute towards the paid up equity capital of the venture, sources added.

The Rs 7,000-crore integrated petrochemical complex to be set up in Kasargode in northern Kerala is considered as one of the biggest ever industrial investment projects conceived in Kerala. The project has been hanging fire for the last four years following the abrupt withdrawal of two earlier developers roped in by KSIDC for the venture.

KSIDC had initially brought in the NRI group Chanderias for promoting the venture. Hovever, this group had eventually opted out from the venture following the advice of Marubeni Corporation, their consultants for the venture.

Following this, KSIDC had zeroed in Tecodev of Oman to promote the project. The Omanese conglomerate had floated a separate arm, Petrochem Asia for developing the mega project but later decided to opt out of the the venture citing several reasons. The Omanese developer had said that it was unable to go ahead with venture due to inordinate delay in decision making and getting necessary clearances from the government. Besides this, the Tecodev had failed to identify a technological collaborator for the venture. The Omanese company had also taken into account the glut in the global market for petrochemical products following an overcrowding of the sector.