Thiruvananthapuram: The Indian Railways will on 27 February sign an agreement with the state government for setting up a joint venture production unit, with an initial investment of Rs100 crore.
The Railways would have 51% share in the JV, called ‘Kerala Rail Component Limited’ and the state government, 49%, Industry minister Elamaram Kareem told reporters here today.
Kareem said that the JV was part of the LDF government’s initiative to rejuvenate loss-making state PSU’s.
The Balaramapuram Spinning Mills in the district, closed for many years, would be reopened in the first week of the next month to make ‘open-end´ furnishing materials, he said, adding that trial run of the plant had already started.
The foundation stone for the container Freight Station at Kannur to benefit handloom textile exports would be laid on 26 February, he said, adding that handloom textiles worth Rs300 crore are exported from Kannur every year.