NRI businessmen want more equity in new Kerala airport

Thiruvananthapuram: The Non-resident Indian (NRI) businessmen who attended an investors’ meet called by the Kannur International Airport Limited (KIAL) here Saturday insisted that the private investors must get majority stake in the company.
Kerala Chief Minister V.S. Achuthanandan, the chairman of the company who presided over the meeting, assured that their demand will be taken up for discussion at the next meeting of the KIAL board of directors.
Prominent NRIs who attended the meeting include Yousuffali MA of the UAE-based Emke group, P. Mohammed Ali of Galfar group, Oman, and C.K. Menon of Doha-based Behzad group. Yousuffali and Ali are also directors of the Cochin International Airport Ltd. (CIA) in which private individuals and institutions hold the majority stake.
The government has decided to hold 26 percent equity in KIAL and allot 23 percent shares to the public sector undertakings and two percent to the government-promoted companies that are not PSUs, limiting the stake of private institutions and individuals to 49 percent.
KIAL Managing Director V. Thulasidas, a former chairman and managing director of National Aviation Co. of India Ltd., which runs Air India, and other directors, Home Minister Kodiyeri Balakrishnan, Finance Minister Thomas Isaac, Principal Secretary Venu V., and Air India former CMD E.K. Bharat Bhushan also attended the meeting held at the Kanakakkunnu Palace.
According to the company authorities, 959.72 acres of land had been acquired so far in the Mattannur municipality and Keezhallur village areas for the project, the fourth international airport in the state. In the second phase, 783 acres more land has been notified and is expected to be taken over in six months.
21/08/10 Ashraf Padanna/Arab News

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Categories: airports aug 2010, Foreign Aug 2010, New Aug 2010