CM Pinarayi Vijayan rules out Cochin International Airport Limited rights row

Kochi: Chairman of Cochin International Airport Limited (CIAL) and Chief Minister Pinarayi Vijayan on Monday told the annual general meeting of the company shareholders that time is not yet ripe for rights issue of the company. “There may be shareholders preferring it but when looked at from the larger public interest, it is not desirable now,” the Chief Minister said. Pinarayi Vijayan also told the AGM that a decision on extending Kochi Metro Rail to the airport and also to Angamali will be taken after the completion of the first phase and decision on second phase up to Kakkanad.

“It is a good idea but it is too early to decide on it,” the Chief Minister said. Pinarayi Vijayan also said that state’s inland waterway from Kovalam to Kasargod will be developed with the co-operation of CIAL and the project will be completed in 2020. “A Special Purpose Vehicle (SPV) will be formed with 49 percent equity for CIAL and State Government each for the purpose and small investors will be granted the rest,” he added. He said that as part of the project, boat jettys, hotels and shopping centres will be built at tourist-commercial hubs and the project will give a fillip to the tourism sector. It will facilitate smooth movement of both goods and people, he added.

He also said that CIAL which set an example before the world by being the first one to function completely on solar energy is planning to increase its solar generating capacity to 40 MW in the current financial year from the current 23.2 MW capacity. The AGM also accepted the recommendation of the director board to give 25 percent dividend to the shareholders. CIAL Directors Ministers V S Sunilkumar and Mathew T Thomas, NRI businessman MA Yousufali, C V Jacob, N V George, EM Babu, K Roy Paul, A K Ramani, Managing Director V J Kurian and Chief Financial Officer Sunil Chacko also attended the function.