National

ASCEND 2020: Kerala set to start projects worth ₹25,000 crore in a year

Our Bureau. Kochi | Updated on August 20, 2020

Kerala Industries Minister EP Jayarajan   -  THE HINDU

Giving a big thrust to industrial development of Kerala despite global economic distress caused by Covid pandemic, a wide range of projects with a total investment of ₹25,000 crore are set to be initiated in the State within a year.

These include 54 projects that clinched investment decisions at ASCEND Kerala 2020 Global Investors Meet, of which seven have already gone on stream. Another 16 projects with a total investment of ₹703 crore will be completed in three months and 15 ventures having an investment of ₹700 crore in six months, the State Industries Minister EP Jayarajan said.

In addition to these, 23 ventures having an investment of ₹5,456.48 crore will be on track within a year, he added.

The projects that have commenced operation are Sharp Plywoods (₹8 crore), Agro Park (₹2 crore), Galaxy Aluminium Industries Pvt Ltd (₹4.5 crore), and Jaiza Pigment (₹24 lakh) in Ernakulam district; Sayas Kitchen, Harippad, Alappuzha (₹65 lakh); Navya Bakes and Restaurants (₹16 crore) and SP Biocompost and Diesel(₹65 lakh) in Thrissur.

ASCEND Kerala 2020 was organised by the Department of Industries in January in Kochi. The conclave yielded MoUs and LOIs to the tune of over ₹1 lakh crore and covered areas such as infrastructure development, life sciences related ventures, mobility, tourism and healthcare.

ASCEND 2020 was a big success as the conclave had been able to convince entrepreneurs of the excellent investment climate prevailing in Kerala, said K Ellangovan, Principal Secretary, Industries.

Providing financial assistance to the tune of ₹1,209 crore to 11 projects is under consideration of KSIDC. The agency has either sanctioned loans or is in the advanced processing stage of extending financial assistance to some of these projects. Kinfra has signed MoUs for land for 11 projects with a total value of ₹1,715 crore. Of these, land allotment is in the advanced stages for seven projects and the remaining are in various stages of processing, he said.

Published on August 20, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like