(MENAFN - Khaleej Times) The Kerala government's efforts to attract investments from non-resident Indians, or NRIs, have received a big boost with Dubai-based Pravasi Investment Consortium & Equity Holding, or Prince Holding, coming forward to invest Rs20 billion in the sunrise knowledge sector in the state.
NRIs will be leveraging their combined experience, expertise and resources to set up a series of IT/ITES-enabled business parks and life space projects at the booming port city of Cochin, which has already attracted substantial foreign direct investment, or FDI, not only from Dubai NRIs but as well as from the Dubai government.
The consortium has floated a society called Global Advanced Technology Enabled Society, or Gates, to collectively pool the resources of the individual members of the Consortium to create infrastructure for promoting technology-based firms.
Consortium chairman Sebastian Joseph said approximately 350 to 500 NRIs will be participating in each of the projects. Each Gates project will contain a special business zone, a centre for excellence in advanced technology and Innovation, an international financial centre, an education zone and hospitality zones comprising clubs, spas, service apartments and NRI facilitation centre.
He told reporters at Cochin that the company would acquire 100 acres in the city to set up the projects. The consortium is awaiting clearances from the concerned authorities and discussions are on with various government authorities and execution partners in this regard, he said. The project is expected to create 20,000 job opportunities. The investments would be primarily through FDI.
After successful conclusion of various tie-ups and putting the project on track, the company intends to replicate the same model in other major South Indian cities.
He said that NRIs were prompted to consider Kerala for the project in the wake of several investment friendly policies introduced by the Congress-led United Democratic Front government. The proposed "Emerging Kerala" initiative of the government next month and its pro-active polices have boosted the confidence of NRIs.
Joseph said that the project is envisaged to be completely "sustainable" and "self-sufficient".
It is proposed to essentially support multiple clusters across the respective states and the country, which would be inter-dependent for an overall sustainable development, the consortium head said.
He said that the project was also aimed at creating a common platform for expatriates who would be returning to the country. According to a study, over 300,000 NRIs are expected to return to India in the next five years.
Prince Gates will help them to come together, thereby redirecting human capital movement from more developed countries to their home land. The focus will be to collectively pool resources of individual consortium members for the country's development.
Prince Gates will facilitate interaction, technology development, economic growth, new venture creation. The lead consultants and planners of the project include internationally reputed players like Ernst & Young and Burt Hill Stantec.