Recognizing the potential of its Indian Diaspora, Kerala invites 50 leading non-resident Keralites (NRKs) based in Gulf countries next week to carry out a new Government project, Infrastructure Kerala Limited (InKel), to facilitate development and make the state a favorable investment destination.

The state will hold road shows in the Middle East, Europe, and USA to raise funds for the new company. However, the precise dates have not yet been finalized but are likely to be scheduled in April – May, says State Industries Minister Elamaram Kareem.

The total paid up capital of this newly launched company would be Rs 1 billion, and the state will hold a token stake of just 26 per cent.

John Mathai, Former Chief Secretary and an economist who served as India’s first Railway Minister has been appointed as the special officer of InKel.

InKel is a venture initiated through public-private partnership route and boasts to be different from the projects earlier taken up by Kerala State Industrial Infrastructure Limited and Kerala State Industrial Development Corporation.

Deciding on to take different move this time, Kareem reveals the plan to approach public sector institutions, like financial institutions. The shift intends to add to prospects for raising the capital.

InKel has shortlisted four potential places in Thiruvananthapuram and Kochi and in north Kerala, where the company would set up establishments for prospective investors who have shown large interests in being a part of sunrise industries.

The government has long been trying to promote the state, which seems easier with two million Keralites working abroad, whose remittance to India is estimated to be around Rs. 200 billion per year.

Copyright © 2006- 2015 NRIRealtyNews.com

• Disclaimer
• Contact Us