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.