The first phase of the work on the airport would be completed in two years, Chief Minister Oommen Chandy said at a function in Kannur.
Prime Minister Manmohan Singh yesterday announced that work will be awarded on three greenfield airports at Navi Mumbai, Goa and Kannur.
Kerala government had already started preliminary work on the project after Centre gave its in principle approval.
The Centre's green signal came at a time when the state was in the process of inviting global tenders for the construction of runway for the project coming up at Mattannur locality.
Public sector Bharat Petroleum Corporation Ltd has decided to invest Rs.170 crore for a 21 per cent share in the Kannur International Airport while the State would have 26 per cent stake.
State public sector KMML and Kerala State Beverage Corporation had also decided to invest in the project for which
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it has proposed to mobilise an initial share capital of Rs.784 crores out of a total share capital of Rs.1000 crore.
Forty-nine per cent share with a total value of Rs.384 crore
has been earmarked public. The minimum share an individual has to take has been fixed at 500. The price was Rs.100 per share and steps had already been taken for the issue of public shares.
Cochin International Airport Limited (CIAL), the consultant for the project, has submitted Detailed Project Report (DPR) and the airport was expected to take off by 2015.
Construction work of the first phase of the project would start next year.The global tender for the construction of run-way would be invited later this month, official sources said here.