KOCHI: The state government and the Cochin International Airport Ltd have decided to form a special purpose vehicle (SPV) to develop the waterways from Kovalam to Kasargod. The project is aimed at facilitating passenger traffic and cargo movement through the waterways spread across the state.
The total development of inland water transportation of the state will be completed by 2020 with the support of the CIAL. The state government and CIAL will have 49 per cent equity stake in the proposed inland waterways project, connecting Kovalam to Kasargod. The remaining 2 per cent has been kept aside for small investors, said Chief Minister Pinarayi Vijayan. He was speaking after inaugurating the 23rd annual meeting of the CIAL shareholders.
As part of the project, boat jetties, hotels and shopping centres will be built at main tourist and commercial centres. Once completed, the project will catalyse the growth of tourism in the state in a big way, said Pinarayi.CIAL shareholders’ meet also ratified the director board proposal to give away 25 per cent profit dividend to the shareholders. The CIAL and its subsidiary Cochin Duty-free and Retail Service Ltd have recorded a turnover of `669.09 crore and a net profit of `179.45 crore in the 2016-17 fiscal. The CIAL witnessed a footfall of 89.4 lakh passengers, registering a growth of 15.06 per against the previous year. On the domestic front, the growth of CIAL was 25.99 per cent compared to the last fiscal. The total share dividend of CIAL will come to around 203 per cent. CIAL aims to enhance its solar energy generation from the current 23.2 MW to 40 MW this fiscal.