Financial Daily from THE HINDU group of publications
Tuesday, Jun 17, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jun 17, 2003 |
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Corporate
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New Projects `A&B Toolers project an acid test for State' Our Bureau
KOCHI, June 16 THE State Industries Minister, Mr P.K. Kunhalikutty, has inaugurated the operations of A&B Toolers, a project for which a MoU was signed in the recently concluded Global Investor Meet, at the Kinfra Export Promotion Industrial Park Ltd on Saturday. The 100 per cent export-oriented commercial tool room project, set up at an investment of $ 500,000, was commissioned in a record time of five months to manufacture moulds and dyes for plastic and steel metal processing companies. The Minister expressed happiness at the pace at which projects were being taken up and executed in the State especially after the GIM. The Minister also laid the foundation stone for two other projects in the park which include a modern laboratory furniture unit to be set up by Zeba Lab Furniture Pvt Ltd with an investment of Rs 1.20 crore and Bash P. International for the production of loose lifting gears used in the marine, lifting, oil and gas industries at a project cost of Rs 3 crore. Later speaking to reporters, Mr Kuhalikutty said the commencement of this project was an acid test for Kerala and if it goes well, then there may be more projects coming from potential overseas investors. The State has a long way to go in terms of industrial development, he said. The Government would extend all support to help prospective investors willing to set up units here, he said. Referring to the recent controversies on several GIM-related projects, the Minister said the Government is committed to take bold initiatives for various developmental projects. He pointed out that 50 per cent of the projects signed in the investor meet were mired in controversy. There is a feeling among certain quarters that inviting private parties for projects is not good, he said. Speaking on the occasion, Dr G.C. Gopala Pillai, Chairman of the Kinfra Park, said that around 200 acres of additional land adjacent to the park would be acquired within one year as 100 per cent of land had already been allotted to parties.
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