NRI plans to invest in Kerala

Pravasi Investment Consortium and Equity Holding (PRINCE Holding), a Dubai based consortium of NRIs from around the world, will invest in software and life sciences projects in Kerala for the benefit of returning expats. Encouraged by the state government’s Emerging Kerala campaign, the group decided to set up the projects in an area of approximately 100 acres, with an investment of over Rs20 billion in each project, which is expected to create some 20,000 quality employment, the group’s promoters said in Kochi. “The combined experience, expertise and resources of the global Indian diaspora will facilitate the development, transfer and commercialisation of technology,” said Sebastian Joseph, the group’s Abu Dhabi-based chairman. “Some 300,000 expatriates are to return home over the next five years whom we will provide a common platform”. Each unit will comprise special business zone, centre for excellence in advanced technology and innovation, international financial centre, education, hospitality and healthcare zones, NRI facilitation centre, shared facilities zone consisting of sports academy, retail strip mall, multiplex, food courts and library and a residential zone with villas, row houses and apartments. Ernst & Young and Burt Hill Stantec are the lead consultants of the projects aimed at establishing an eco-system to enable the integration of advanced technologies. It is planned to be the first of its kind, premium integrated life-spaces project. The’sustainable’ and ‘self-sufficient’ development, essentially supporting multiple clusters across the country, would be inter-dependent. “Approximately 350 to 500 non resident Indians (NRI) are participating in each of the project as part of the consortium. After successful conclusion of various tie-ups and putting the project on track we intend to replicate the same model in other major South Indian cities,” Joseph said. The focus is on collectively pooling resources of individuals to create an infrastructure that is conducive to and supporting of technology-based firms, facilitating interaction, technology development, economic growth, new venture creation, commercialization of innovation and building up of quality human resources in a self-sustaining environment. “Kerala is a preferred destination as majority of the returning NRIs will be from Kerala. So we decided to set up the first project in Kerala and we are here to finalise with various Governmental authorities and execution partners on how to take this forward,” he said.     from:Gulftoday