Inkel plans Rs 100-cr rights issue

Infrastructure Kerala limited (Inkel), a public-private enterprise formed by the Kerala government with the objective of promoting infrastructure development in the state, will be issuing 100,000 equity shares of Rs 10,000 each in the ratio of 1:1 on rights basis to its existing shareholders to mobilise Rs 100 crore.

At present, 26 per cent of the shares of Inkel are held by the state government. Kerala State Industrial Development Corporation (KSIDC) and Kerala Industrial Infrastructure Development Corporation (Kinfra), while the remaining 74 per cent are with non-resident Indians, institutions and other individual shareholders.

In a press release on Wednesday, Inkel said the right issue proceeds were to be utilised for implementation of projects on hand and those proposed to be taken in the near future.

The projects on hand include Rs 30-crore standard design modules numbering 40 units at Angamali, pre-engineered factory buildings at Malappuram and a container freight station at Vallarpadam jointly with M-Far, VKL and others.

The company is also implementing two PURA ( (provision of urban amenities in rural areas) projects at Thalikulam in Trichur district and Tirurangadi in Malappuram district with a bouquet of water supply, roads, skill training and other schemes.

These projects will be implemented jointly with Galfar and Kinfra with grants from the Union ministry of rural development, state government and own funds.

The government has entrusted Inkel with the modernisation and construction of 120 treasuries across the state with a project value of Rs 120 crore, to be completed within 12 months.

The projects in the pipeline include two hotel projects and one commercial complex at Trivandrum, one hotel at Kozhikode and one logistics part at Angamali.

The total expenditure for these projects over the next five years is expected to be Rs 2,000 crore and about Rs 3,000 crore through joint ventures. Inkel’s contribution to these projects would be around Rs 1,000 crore, the release said.