In a major investment decision in IT sector, Kerala Government has singed an agreement with Dubai based Teacom company to set up smart city IT project at Kochi. The project involves investment of close to 3500 crore rupees. The deal became reality after Chief Minister V S Achuthanandan and senior officials of Kerala held marathon discussion with representatives of the Dubai firm at Thiruvananthapuram on Wednesday. The state cabinet also gave its approval to the project. According to the agreement, the Dubai based firm will be developing one of the biggest IT parks in the country at Kochi in an area of 256 acres. As per initial assessment, apart from large scale spin off economic benefits, the project is likely to create about one lakh employment opportunities.