To tap diaspora investment, Kerala Govt decided to create SPV.

Published on: 22 Jan, 2015
Published under: Kerala Business News

diaspora investments
Thiruvananthapuram: The Kerala Govt. has decide to come up with a Special purpose vechile(SPV) to tap the investment of kerala diaspora. Speaking to IANS, P. Sudeep, chief executive officer of Norka-Roots, said this idea was mooted and took the initial shape at the recently concluded NRK Global Meet at Kochi last week.

Norka-Roots is a government agency which looks after the welfare of the nearly 2.5 million non-resident Keralites.

“This new thought first took shape at the Pravasi Bharathiya Divas held in Gandhinagar, earlier this month, when our officials made a presentation inviting the Indian diaspora to invest in mega projects in our state,” Sudeep said.

“From there, the discussions started and it took a proper shape at our NRK meet when the participants were vociferous that they are willing to contribute, provided they get a fair and reasonable return. Then the thought of the SPV took shape and in principle it was agreed. Now officials are looking into the operational part of launching a SPV,” he said.

The most recent study conducted by K.C. Zachariah and S. Irudayarajan of the Centre for Development Studies revealed that the number of Kerala emigrants as of 2014 was 23.63 lakh, with 90 percent residing in the various Middle East countries.

Latest report indicates that foreign remittances to Kerala have crossed Rs.72,000 crore in the 2013-14 fiscal.


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