India’s Kerala government has approved the lease of 18.16 acres of land near Kochi to state-run Cochin Shipyard Ltd for a ship-block building facility involving an investment of around ₹5,000 crore, Chief Minister V.D. Satheesan said on Tuesday.
The project is expected to create around 2,000 direct jobs and generate additional employment indirectly.
The land, located at Ramanthuruth on an island near Kochi city, will be leased to the Central public sector undertaking. The Kerala government will receive an annual lease amount of ₹1.45 crore, rising to around ₹1.70 crore including GST, Satheesan said.
The Cabinet decision clears a proposal that had been under consideration for some time and allows Cochin Shipyard to proceed with the planned facility.
Cochin Shipyard Plans ₹5,000 Crore Investment
Satheesan said Cochin Shipyard plans to invest around ₹5,000 crore in the project.
“Today, in the Cabinet meeting, we have taken an important decision. We have decided to lease 18.16 acres of land at Ramanthuruth,
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