PIONEER NEWS SERVICE | Dehradun
Monetisation of the company’s land holdings in Tuticorin, Bengaluru and Kochi for various infrastructural and other development works, among other proposals were discussed in the meeting of the board of directors of the Kings Infra Ventures Limited on Tuesday. The company’s chairman and managing director Shaji Baby John presented a proposal for monetising the land holdings.
The company owns 126 acres property at Tuticorin of which 60 acres is allotted for the development of Kings Maritech Eco Park Limited. The remaining 65 acres property is planned to be developed as a marina, beach resort, hospitality hub and wedding destination, in association with leading developers and international brands. It was decided that the master plan, infrastructure development and approvals shall be provided by Kings Infra and the investors/developers will be provided with developed property for implementation of their projects on joint venture, revenue share, long term lease or outright sale. Further, ITCOT, Chennai, has been appointed to prepare the techno-economic feasibility report and market assessment of the project.
The board of directors authorised Shaji Baby John and executive director Balagopalan Veliyath to take necessary actions for implementing the proposal. Shaji Baby John also presented the proposal for acquiring Sriaqua Seafoods, a partnership firm operating as a merchant exporter from Visakhapatnam, Andhra Pradesh. The company has entered into an agreement for the acquisition of the firm which will work under the Kings Infra brand from the date of the agreement. Sriaqua Seafoods is currently engaged in exporting about 900 tonnes of seafood per annum. While Ernst & Young will provide the advisory services to facilitate the acquisition and possible deal structure, post acquisition, Kings Infra will establish an overseas entity in UAE for global distribution of seafood with Sriaqua Seafoods managing partner Sreeram Inagalla as the CEO of the overseas operation to develop new markets and new products.
It was also decided that Kings Infra will take over the seafood processing plant of Kings International Limited at Tuticorin either through a long-term lease or slump sale. Post takeover, the plant will be upgraded with the latest IQF line and necessary accessories to develop Kings Frigo brand for both domestic and international markets. The board also discussed measures to combat the increase in tariff by the US government in its meeting.
