Just 40 Kerala GIM projects get okay

Thiruvananthapuram, March 23 | Updated: Mar 24 2005, 05:30am hrs
All 96 MoUs signed in Keralas Global Investor meet (GIM) have timed out, with only 40 projects sanctioned by Cabinet. The state had conducted the meet in 2003 January, targeting Rs 50,000-crore investment in five years. As many as 19 projects do not appear to have got follow-up efforts, Kerala industry minister, V K Ebrahim Kunju admitted. He was replying to a question in the state Assembly. MoUs had been signed for 96 projects worth Rs 11,259 crore.

The Kerala State Industrial Development Corpn (KSIDC) officials, when contacted, told FE that GIM had been instrumental in attracting investment to the tune of Rs 26,000 crore, an unprecedented infusion in the states investment history.

Of the 96 MoUs signed during GIM, 40 projects amounting to Rs 6,846.45 crore have been given in-principle Cabinet clearance. Of the MoUs signed, 11 projects have been commissioned already, 7 of which have been set up in association with KSIDC and 4 with Kinfra.

According to KSIDC data, the projects through the investment promotion agency are Falcon Infrastructure Ltd (truck terminal complex, Kalamassery) for Rs 12 crore, Poabs Organic Products Pvt Ltd (speciality tea and coffee, Palakkad) for Rs 10 crore, Harbour View Hotels, Kochi for Rs 8 crore, Poabs Sand Manufacturing Unit (based on granite crushing at Thiruvananthapuram) for Rs 6 crore, International School (in Thiruvananthapuram) for Rs 20 crore, Euro-Tech Maritime Academy (Kochi) for Rs 6 crore and wedding centres at Angamaly for Rs 40 crore.