//NRKs can buy shares in Kerala infrastructure company

NRKs can buy shares in Kerala infrastructure company

Friday, June 23rd, 2006

Thiruvananthapuram – Cash-rich non-resident Keralites (NRKs) can now buy shares in the infrastructure company to be floated by the Kerala government.

‘The Kerala government will float a limited company on the lines of the Cochin International Airport Limited to tap non-resident Keralites to raise capital for building much-needed infrastructure,’ Finance Minister Thomas Isaac said presenting the revised budget in the assembly Friday.

‘The company will have participation from the Kerala State Industrial Development Corporation and the Kerala Industrial Infrastructure Development Corporation.’

Isaac has set aside Rs.200 million in the budget for the proposed company.

‘One of the schemes of the proposed company would be to set up a hi-tech corridor on the national highway between Thiruvananthapuram and Kollam. This company would build world class infrastructure facilities for investors to set up units,’ said Isaac.

‘We will create a data base of NRKs and for that a survey would be conducted. This year we will conduct a survey in the Middle East countries. I am setting up Rs.5 million for this,’ said Isaac.

There are close to two million NRKs and about 90 percent of them are working in the Middle East. Annual remittances from NRKs have reached Rs.200 billion, which is about 25 percent of the net domestic product of the state.