Centre clears decks for south Indias first marina at Kochi

Decks have been cleared for the setting up of south India's first marina at Kochi, with the state government giving a green signal for the project.

Chief minister Oommen Chandy had given priority to this tourism-intensive project in his government's hundred days action plan which was announced on Wednesday.

Malaysia-based TransResources Corporation, in association with Tourist Resources Kerala, a state-owned company, will set up the marina at Mulavukad Island adjacent to the Kochi Port.

A joint company will be mooted for the purpose. It has been decided to lease 3 hectares of land for a period of 30 years for setting up the proposed project.

A high-level delegation from the Malaysian company held a series of discussions with the ministers, Port Trust chairman, district collector and other officials during this week.

The project, which will initiate a lot of sea-based tourism activities in Kerala, is estimated to cost Rs 50 crore. The marina will provide facilities for the luxury yachts which include marina club, repairing facilities, terminals for water and storage of food.

Incidentally, Kochi is becoming a major centre for luxury yachts and around 100 vessels visited Kochi last summer.

The Malaysian company plans to generate 30 per cent of the cost as debt while the remaining will be mobilised as equity of the joint venture company. TransResources Corporation will hold 74 per cent of equity in the company.

Earlier, the company proposed to start the project at Bolagatty Island. Later, the company withdrew its decision due to the mass protest against the handing over of the Bolagatty Palace, which was constructed by the Dutch in the 17th century, to the Malaysian company.

Port Trust chairman Jacob Thomas told Business Standard that the Port Trust would analyse all the impacts of the project since the project was in the vicinity of the proposed Vallarpadem Container Terminal Project.