By IANS
Thiruvananathapuram : The first board meeting of the newly reconstituted Roots-Norka company of the government of Kerala, Friday cleared formation of a new subsidiary company to channel investments of non-resident Keralites (NRK).
“This new subsidiary would be formed soon to channelise the investments of those NRKs who wish to invest in various projects that would be formalized by the new company,” said Kerala Chief Minister V.S. Achuthanandan, who is also the chairman of Roots-Norka.
The number of directors on the board of Roots-Norka has been increased from six to 11. The additions include two independent Left supported legislators Manjalamkuzhi Ali and K.T. Jaleel and former legislator V.K.C. Mammed Koya.
The newly constituted board also decided to hold the Pravasi Malayalee Sangamam, a meet of Keralites staying abroad, at Kochi in the first week of January next year.
“We have also decided to see that all NRKs are given a photo identity cards and it would be distributed through the local bodies,” said Achuthanandan.
It was announced that Rs.50,000 would be given as one time assistance to those NRKs who fall below a particular economic standard, in case they die while working abroad.
Speaking to IANS, Koya said that the new subsidiary company would be an opportunity for the NRKs to channel their money into productive investments.
“We are shortlisting a series of projects where NRKs can take part and the profit generated through these ventures could be taken back by the NRK investors. A portion of this profit generated would be used to fund welfare schemes also,” said Koya.
Studies reveal that every year close to Rs.200 billion are deposited in the various banks as remittances made by the NRKs. Hitherto there was no mechanism to divert these funds for productive purposes.
Roots-Norka is a company floated by the Kerala government’s department of non-resident Keralite affairs.