State to lease 18.16 acres at Ramanthuruth to Cochin Shipyard
Cochin Shipyard has agreed to invest ₹5,000 crore in the ship block building project, says Chief Minister V.D. Satheesan; project expected to boost the State’s shipbuilding sector and generate additional indirect employment
The government of the state has opted to lease 18.16 acres of land at Ramanthuruth to Cochin Shipyard Limited (CSL) for a ship block building project, announced Chief Minister V.D. Satheesan on Tuesday. CSL has pledged an investment of ₹5,000 crore in the endeavor. It is anticipated to create approximately 2,000 direct jobs and further indirect employment opportunities, as stated by Mr. Satheesan during a press conference following a Cabinet meeting in Thiruvananthapuram.
The state government will receive an annual lease payment of ₹1.45 crore from the plot situated on an island near the city. The total annual revenue from the lease, including GST, is projected to be around ₹1.70 crore, according to the Chief Minister. The project is expected to invigorate the state's shipbuilding sector and draw further investments, the Chief Minister emphasized.
"The matter had been pending for quite some time, and the government expedited its resolution through discussions," the Chief Minister remarked.
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