Kerala Govt forms Non-Resident Keralites Investment companyDate: 11 July 2019 Tags: Miscellaneous
Kerala Government has decided to form Non-Resident Keralites (NRK) Investment and Holding Company Ltd with main aim of utilising NRI investments for implementing various projects. The decision in this regard was taken at state cabinet meeting chaired by Chief Minister Pinarayi Vijayan. Cabinet also decided to appoint NORKA (Non-Resident Keralites Affairs) Chief Executive officer (CEO) as special officer of the company.
NRK Investment and Holding Company Ltd
- Objective: To channelise investments from overseas Keralites for major infrastructure development in the state.
- Equity Holding: 74% of its stake (share capital) will be held by NRKs and remaining 26% will be held by state government.
- Projects to be undertaken: This company will undertake projects for developing NRK townships and infrastructure development.
- Subsidiaries: The company is empowered to set up special purpose vehicle (SPV) or subsidiary company for the purpose.
- Background: Decision for formation of this company was taken based on Loka Kerala Sabha’s (State Assembly) standing committee to capitalise on huge investments from overseas Keralites for various development initiatives across the state.
- India is world’s top destination for inward remittances. Within India, Kerala is top destination for remittances, accounting for over 19% of inward remittances into the country.