Keralam Govt to lease land to CSL for `5,000 cr ship block building proj: CM

The Government of Kerala will lease 18.16 acres of land to Cochin Shipyard in Kochi for a ship block building project involving an investment of around ₹5,000 crore, Chief Minister V D Satheesan stated on Tuesday.

"Today, in the Cabinet meeting, we have taken an important decision. We have decided to lease 18.16 acres of land at Ramanthuruth, near Kochi city, to Cochin Shipyard Limited (CSL). The purpose is to construct ship blocks," he stated at a press conference. 

Satheesan stated that Cochin Shipyard is planning an investment of ₹5,000 crore in the land, which is located on an island close to the city. The project is expected to create around 2,000 direct jobs, besides generating more employment opportunities indirectly, he stated. 

The government will receive an annual lease amount of ₹1.45 crore. Including goods and services tax, the annual revenue from the lease will be around ₹1.70 crore, Satheesan stated. 

The proposal had been pending for some time and was cleared after discussions with Cochin Shipyard, the Chief Minister stated. -PTI