State to lease 18.16 acres at Ramanthuruth to Cochin Shipyard
The Kerala government has approved a land lease of 18.16 acres to Cochin Shipyard Limited for a new ship block building project. The initiative is expected to attract ₹5,000 crore in investment and create approximately 2,000 direct jobs.
Why it matters
This project represents a significant industrial expansion for the region, aiming to boost the local shipbuilding sector and employment rates.
The State government has decided to lease 18.16 acres at Ramanthuruth to Cochin Shipyard Limited (CSL) for a ship block building project, Chief Minister V.D. Satheesan said on Tuesday.
The Chief Minister said the shipyard has agreed to invest ₹5,000 crore in the project. It is expected to generate around 2,000 direct jobs and additional indirect employment, Mr. Satheesan said. He was speaking to reporters after a Cabinet meeting in Thiruvananthapuram on Tuesday.
The government will receive an annual lease amount of ₹1.45 crore from the land, located on an island close to the city. The annual revenue from the lease will be around ₹1.70 crore, including GST, he said.
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