Ker govt to set up Non-Resident Keralites Investment company

The Kerala Government Wednesday decided to form a Non-Resident Keralites Investment company with 74 per cent stake to be held by expats.

The decision in this regard was taken at a cabinet meeting chaired by Chief Minister Pinarayi Vijayan.

Seventyfour per cent of the capital will be raised by issuing shares to NRKs, Government will have 26 per cent stake in the NRK Investment and Holding company ltd, the main aim of which is to utilise NRI investments for implementing various projects, a CMO press release said.

For this a separate or a subsidiary company may be set up under the holding company.

Formation of the company was among the major recommendations submitted by the standing committees of the Loka Kerala Sabha (World Kerala Assembly), an event hosted by the state government to bring Keralites living around the globe under one platform and utilising the NRK expertise for developing the state.

Developing NRK townships and infrastructure development are among the projects that are likely to be taken up by the proposed company.

The cabinet also decided to appoint a NORKA (Non-Resident Keralites Affairs) Chief Executive officer as special officer of the company.