Kerala cabinet approves land lease to Cochin Shipyard for ₹5,000 crore facility | Thiruvananthapuram News

Thiruvananthapuram: The state cabinet has decided to lease 18.16 acres of land at Ramanthuruth in Kochi to Cochin Shipyard Limited for setting up a ship block manufacturing facility, chief minister V D Satheesan said on Tuesday.The project is expected to involve an investment of Rs 5,000 crore and create direct employment for around 2,000 people, besides generating several indirect job opportunities. Govt will receive an annual lease rent of Rs 1.45 crore, or Rs 1.70 crore including GST, Satheesan said.He said the decision, which had remained pending for a long time, was expedited through discussions after the new govt assumed office.