The project, a tourism venture, is aimed at reinstating the historical and cultural significance of the legendary port of Muziris near Kodungalloor.
The decision to set up the company was taken at a recent cabinet meeting, officials said.
The region is dotted with numerous monuments of a bygone era that conjure up a vast and vivid past.
The entire project is designed to involve and integrate the local community in the developmental initiatives.
The Muziris Heritage Site (MHS) stretches from the municipality of North Paravur in Ernakulam district to that of Kodungalloor in Thrissur district.
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