CIAL to help develop inland waterways

Project to be completed by 2020

September 19, 2017 07:05 am | Updated 07:05 am IST - KOCHI

Chief Minister Pinarayi Vijayan listens to LuLu Group chairman M.A. Yusuf Ali at the CIAL annual general meeting in the city on Monday. Agriculture Minister V.S. Sunil Kumar looks on. Special Arrangement

Chief Minister Pinarayi Vijayan listens to LuLu Group chairman M.A. Yusuf Ali at the CIAL annual general meeting in the city on Monday. Agriculture Minister V.S. Sunil Kumar looks on. Special Arrangement

The State government plans to complete the work on its inland waterways with the help of Cochin International Airport Limited (CIAL). The project is expected to be completed by 2020, said Chief Minister Pinarayi Vijayan at the 23rd annual general meeting of CIAL here on Monday. The Chief Minister is also the chairman of CIAL.

The State government and CIAL will float a joint venture company for the Kovalam-Kasaragod inland waterways project. Forty-nine per cent each of the stakes in the company will be held by CIAL and the State government. Two per cent of the shares will be allotted to small investors, said a statement issued by CIAL.

The inland waterways project targets both passenger and goods traffic. Tourism and commercial centres as well as boat jetties and hotels will be developed as part of the project. The annual general body meeting approved the board recommendation for payment of 25% dividend.

Listing of shares

The small shareholders participating in the meeting reiterated their demand for listing of the shares of CIAL on the stock exchange though the Chief Minister expressed the opinion that it was not the right time for listing. The shareholders also wanted the dividend share to be raised. Mr. Vijayan said the idea of a Kerala Airways had not been totally abandoned.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.