Kerala cabinet to set up consortium of banks to mobilise funds

Kerala cabinet today decided to set up a consortium of banks led by the State Bank of Travancore to mobilise funds for the development of Vizhinjam deep-sea shipment international container terminal here.
     
Talking to reporters here after the cabinet meeting, Chief Minister V S Achuthanandan said the plan is to raise Rs 2,500 crore for implementing the project that would boost economic prospectus of the state and south India.
    
The amount pooled would be treated as loan for the project, he said.
    
The project's first phase of creating infrastructure, estimated to cost Rs 450 crores, is implemented by the government through a Special Purpose Vehicle constituted for the same.
    
The second phase is planned under PPP model. The government is yet to finalise a joint venture partner for the second phase, he said.