Non-resident Keralite investment company to be formed

The Chief Executive Officer of Norka Roots will be the Special Officer of the new company.

Published: 11th July 2019 05:54 AM  |   Last Updated: 11th July 2019 05:54 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: To channel investments from overseas Keralites for major infrastructure development in the state, the LDF Government has decided to form an NRK investment company, with NRKs holding 74 percent stake. The decision comes following a recommendation in this regard from the Loka Kerala Sabha’s standing committee.

A cabinet meeting on Wednesday decided to set up the company-NRK Investment and Holding Company Ltd. To be formed with 74 per cent share capital from NRKs, the state government will hold the remaining 26 per cent stake.

The Chief Executive Officer of Norka Roots will be the Special Officer of the new company. The Loka Kerala Sabha has come up with the recommendation to capitalise on the huge investments from overseas Keralites for various development initiatives across the state.

The company can set up a special purpose vehicle or subsidiary company for the purpose. Construction of NRI townships and other projects related to basic infrastructure development will be taken up by the new company.

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