labels: hudco, economy - general
Hudco plans to invest Rs 50 billion in Kerala in 5 years news
Jays Jacob
22 October 2002
Kochi: The Housing and Urban Development Corporation Ltd (Hudco) plans to invest a total of about Rs 50 billion in various infrastructure projects in Kerala over the next five years.

Among the projects planned are: a 200-acre ayurveda park; funding of a 500-km expressway connecting Manjeswaram and Thiruvananthapuram; a Rs 200 million facility on the lines of the India Habitat Centre in New Delhi; developing the Sabarimala pilgrimage route; and restructuring the loan to Cochin International Airport Limited (CIAL).

"So far Hudco has sanctioned 1,086 schemes with a total assistance of Rs 35.2 billion for construction of 1.3 million dwellings and 76 infrastructure projects in Kerala," federal minister of state for urban development O Rajagopal said on Sunday.

"In the current (financial) year we are planning to invest Rs 6 billion," Hudco regional chief K R Alva said.

Hudco's commitment is a shot in the arm for the cash-strapped Kerala government, which is preparing for the Global Investors' Meet in Kochi in January.

"Among the schemes that are going to be showcased are the expressway and the ayurveda park and we would be in the forefront to fund these projects," Alva said.

Rajagopal said the Rs 1.39 billion loan to CIAL, which has built and runs Kochi airport, is being rescheduled, and Hudco is considering steps like converting part of it into equity.

Hudco has also signed a memorandum of understanding with the Kerala State Housing Board for the development of housing and urban infrastructure. Hudco will develop properties and arrange loans for buyers.

 


 search domain-b
  go
 
Hudco plans to invest Rs 50 billion in Kerala in 5 years