Kerala Govt. to set up Non-Resident Keralites Investment company

Kerala Government decided to form a Non-Resident Keralites Investment company with 74% stake to be held by expatriate (or expat) to channelize investments from overseas Keralites for major infrastructure development in the state. Decision in this regard was taken at a cabinet meeting chaired by Kerela Chief Minister Pinarayi Vijayan.

Key Highlights

In Non-Resident Keralites (NRK) Investment and Holding company ltd. 74% of capital will be raised by issuing shares to NRKs and Government will have 26% stake.

The main aim of this shareholding is to utilise NRI investments for implementing various projects.

The company can set up a special purpose vehicle (SPV) or subsidiary company for the purpose.

Special officer of Company: Kerala cabinet also decided to appoint a NORKA (Non-Resident Keralites Affairs) Chief Executive officer (CEO) as special officer of company.

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

Projects to be undertaken by the proposed company include construction of NRI townships and infrastructure development.

Month: Current Affairs - July, 2019