Thiruvananthapuram 02-09-2011: Kerala State Industries Development Corporation (KSIDC) signed an agreement with Gas Authority of India Limited (GAIL) on Friday for joint venture projects worth 1000 crore in the state. Speaking on the occasion Chief Minister Oommen Chandy said that the new projects will be implemented as the first one under the Emerging Kerala -2012 project of the State Government.

A new company, Kerala GAIL Gas Ltd, with an initial capital of 100 crore has been registered for this purpose. KSIDC will hold 26 per cent of the share and 24 by GAIL. The rest 50 per cent will be mobilized from financial institutions, non-government companies etc. Apart from power sector the new company has plans to invest in fisheries, transport, diary, industries and allied sectors. It will also undertake a project to distribute cooking gas in the cities in Kerala.

KSIDC Managing director Alkesh Sharma and GAIL CEO O.M Raveendran signed the agreement at meeting held at the Chief Minister’s office. Industries Minister P K Kunhalikutty, Electricity Minister Aryadan Muhammed, Excise Minister K Babu, Chief Secretary Dr P Prabhakaran, Additional Chief secretary (Industries and commerce) T Balakrishnan, GAIL chairman and Managing Director B C Thripathi, Director Prabhat Singh and others were present.