KOCHI: If we take an aerial map of Kochi, we will find a good number of waterways. Almost all places in the city are connected by waterways and to make good use of them, the Kochi Corporation will soon set up a public limited company. The officials concerned have already prepared the ‘articles of association’ and other details of the company which are expected to be presented at the corporation council soon for approval.“An integrated state-of-the-art water transport system will be one of the most significant services for Kochi which has a unique topography. The corporation got the confidence to set up a company based on the study report by the Cities Development Initiative of Asia (CDIA). What we moot is a total package to improve water transport system,” Mayor Tony Chammany said.The corporation, in its annual budget, had proposed the idea of floating a company on the lines of CIAL. Regarding the proposed company, corporation secretary Ajit Patil said the ‘articles of association’ and structure had been already prepared. Once the council gives its nod, the proposal will be submitted to the state government for its approval. “The CDIA study says that the water transport system in Kochi can be developed into a profitable venture and this is the foundation of our vision to set up the company. The proposed company will be a public limited one similar to the CIAL. The corporation will be the promoter and the majority stakeholder,” Patil said. He said the Mayor and other political executives of the corporation would be the ex-officio board directors of the company “The company will have the mandate to diversify into infrastructure and will serve as a professional body to take up special projects for Kochi Corporation and the state government,” he said. The company will be managed by experienced professionals who will be appointed through proper procedures. “The corporation will have a 26 per cent stake in the company and the rest will be held by institutional investors and the public. We hope that the company will be ready for investment at the time of the 'Emerging Kerala' event that will be held next year,” he added.Once it is floated, the company will implement major components that are included in the detailed project report prepared by KITCO for the betterment of water transport system of the city. “The DPR is expected to be completed within three months with a participative approach. The scope of work has been finalised and the work order will be issued shortly,” Patil added.The major components that will be included in the DPR are purchase of new boats, construction of new boat jetties, renovation of existing ones and exploration of new waterways.
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