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HindustanTimes Sat,02 Aug 2014

NRI Consortium to invest over Rs. 2,000 crore in Kerala

PTI  Kochi, August 18, 2012
First Published: 13:25 IST(18/8/2012) | Last Updated: 13:28 IST(18/8/2012)

A Dubai based consortium of NRIs from various countries around the world propose to invest over Rs. 2000 crore in Kerala to set up IT/ITES enabled Business Parks and Life Spaces projects.

The investments would primarily be through Foreign Direct Investment (FDI), Sebastian Joseph, chairman of the Consortium, told reporters in Kochi.

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The proposed 'Emerging Kerala' initiative of the state government here next month and its investment friendly policies have given the NRIs confidence to start their project in Kochi, he said.

Pravasi Investment Consortium & Equity Holdings Ltd (PRINCE Holding) promoted Prince GATES (Global Advanced Technology Enabled Society) projects are proposed to be set up in about 100 acres in Kochi, Joseph said.

The consortium is awaiting clearances from the concerned authorities and discussions are on with various government authorities and execution partners in this regard, he said. The project is expected to give 20,000 job opportunities.

Each GATES project will contain a Special Business Zone, a Centre for Excellence in Advanced Technology and Innovation, an International Financial Centre, an Education Zone and Hospiltality zones comprising clubs, spas, Service apartments and NRI facilitation centre, he said.

This is perhaps first of its kind investment by NRIs in the country.

At least 350-500 NRIs are participating in each of the projects as a part of the consortium. After the Kerala project takes off, plans are to replicate the same model in other major South Indian cities like Bangalore and Chennai, Joseph said.

The development is envisaged to be completely 'sustainable' and 'self sufficient'.

The focus is to collectively pool resources of individual consortium members to create an infrastructure that is conducive to and supporting of technology based firm.

It is aimed at facilitating interaction, technology development, economic growth, new venture creation, Shaji Baby John, Chairman Kings Infra Ventures ltd, said.

The lead consultants and planners of the project include Internationally reputed players like Ernst & Young and Burt Hill Stantec.

Prince Holding is also undertaking charitable projects, including for those afflicted with Breast Cancer, in various panchayats in Kerala.

According to a study, over 3,00,000 NRIs are expected to return to India in the next five years.

It says Prince GATES is aiming to be a common platform for the NRI community to come together, thereby redirecting human capital movement from more developed countries to their home land.


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