New avenue for non-resident Keralites to invest

Thiruvananthapuram: The Kerala government gave the nod for setting up a state-owned company, Infrastructure Kerala Ltd, to step up efforts to channel the remittances and investments of Keralites abroad.

"The state government will have a stake of 26 percent in the new company and the rest of the equity will be offered to private investors, mainly non-resident Keralites (NRK)," Chief Minister V.S. Achuthanandan told reporters after a cabinet meeting here.

Kerala Industries Minister Elamram Kareem said that the initial paid up capital of the new company formed on the lines of the Cochin International Airport Ltd would be Rs.1 billion.
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