Kerala to form special purpose vehicle to tap full potential of Vizhinjam port
THIRUVANANTHAPURAM: A new government Special Purpose Vehicle (SPV) will be established to implement the Vizhinjam-Kollam-Punalur Growth corridor project, aimed at harnessing the development potential unlocked by the Vizhinjam international port. Finance Minister K N Balagopal said that a public limited company fully owned by KIIFB will be set up. The company will help bring in investments and make land available for businesses in the corridor region.
The finance minister said the project will bring in investments of over Rs 30,000 crore and create thousands of new jobs. KIIFB has proposed two names for the company – KIFCOR Ltd and KIFDAC Ltd. The name approved by the Registrar of Companies will be used. The formation and registration of the company will be handled by KIIFCON, the consultancy wing of KIIFB.
The new company will follow models like the Andhra Pradesh and Telangana industrial infrastructure corporations. The goal is to create a strong base for industries, logistics parks and small business clusters in the region.
The corridor will connect through three major roads – the Kollam-Shenkottai NH, the Vizhinjam-Kollam NH and the Punalur-Nedumangad-Vizhinjam Road. It also includes the Kollam-Shenkottai railway line.
The project aims to improve transport, attract private investment, and create more jobs. It will also make it easier to reach important locations and improve the quality of life in the nearby areas.
Plans include boosting agriculture through better farming practices and promoting industries that depend on farm products. The corridor could become a hub for IT and space-related services. It is also expected to become a major trade and business centre.
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