Five more units will be inaugurated within a year; expansion of PSUs going on
Eight new industrial projects costing Rs.125 crore will be inaugurated soon and five others will be commissioned within a year, Finance Minister T.M. Thomas Isaac has said.
Presenting the Budget for 2011-12 in the Assembly on Thursday, Dr. Isaac said that the eight projects would be inaugurated before the end of the budget session.
Six out of the nine projects for the expansion of public sector undertakings costing Rs.260 crore would be completed this year.
The most significant one was the manufacture of titanium sponge in partnership with ISRO.
With this project, India would become the seventh country in the world to use this technology on commercial lines, he said.
A sum of Rs.65 crore has been earmarked for the five new ventures proposed in a year.
The balance amount would be raised as loan from the profit of other PSUs. The proposed ventures are:
Rehabilitation of Malabar Spinning and Weaving Mill into a modern factory with 25,000 spindles and a weaving centre for Rs.15 crore; modernisation of Sitaram Textiles for Rs.20 crore, modernisation of Keltron for Rs.50 crore, manufacture of power transformers in Kerala Electricals Limited for Rs.20 crore, setting up of Non-Beta Lacum factory at Kerala State Drugs and Pharmaceuticals Limited for Rs.33 crore, new spinning and weaving unit for Rs.36 crore and a hosiery unit for Rs.30 crore at Kerala Spinners, Alappuzha.
A sum of Rs.5 crore has been allocated for a Life Science Park in the capital, Rs.9 crore for the Electronic Hardware Park in Kochi, Rs.5 crore for the Kochi-Coimbatore Industrial Corridor, Rs.5 crore for Coconut Industrial Park at Kuttiyadi, Rs.3 crore for the Organic Industrial Park at Kodungalloor, and Rs.3 crore for the new Health-Industrial Park at Nadapuram.
A joint venture of Kerala Minerals and Metals Limited and Steel Authority of India Limited for Rs.2,000 crore would be established at Chavara for manufacturing titanium metal.
The KMML and the TCC would launch another joint venture for Rs.100 crore for processing ilmenite. A Mineral Research Institute will be set up on the KMML campus for Rs.5 crore.
The PSUs which were running at a loss of Rs.96 crore in 2005-06 would generate a profit of Rs.300 crore in 2010-11. The tendency to avoid debates and trigger controversies over everything was impeding investments in the State, he said.
The most significant project will involve the manufacture of titanium sponge in partnership with ISRO.