Thiruvananthapuram, Aug. 18 -- The Kerala Cabinet has decided to lease 18.16 acres at Ramanthuruth in Kochi to Cochin Shipyard for a ship block manufacturing project involving an investment of Rs 5,000 crore, Chief Minister V.D. Satheesan said on Tuesday.
The project is expected to create direct employment for around 2,000 people and generate several thousand indirect jobs.
The state government will receive an annual lease rent of Rs 1.45 crore from the land, which will amount to Rs 1.70 crore including GST. Satheesan said the long-pending proposal was cleared through expedited discussions after the new government assumed office.
Ahead of Onam, the government has sanctioned Rs 1,105 crore for the distribution of welfare pensions, which w...