In order to capitalize on the development potential that the Vizhinjam international port has unleashed, a new government Special Purpose Vehicle (SPV) will be created to carry out the Vizhinjam-Kollam-Punalur Growth corridor project. A public limited company that is entirely controlled by KIIFB would be established, according to Finance Minister K N Balagopal. In the corridor region, the organization would help attract investors and make land available for enterprises.

According to the finance minister, the project will generate over Rs 30,000 crore in investments and thousands of new jobs. KIFDAC Ltd. and KIFCOR Ltd. are the two names that KIIFB has suggested for the business. The Registrar of Companies-approved name will be utilized. KIIFCON, the consulting arm of KIIFB, will be in charge of the company’s formation and registration.

The Telangana and Andhra Pradesh industrial infrastructure organizations will serve as examples for the new business. Establishing a solid foundation for the area’s industries, logistics parks, and small business clusters is the aim.

Three main highways will connect the corridor: the Punalur-Nedumangad-Vizhinjam Road, the Vizhinjam-Kollam NH, and the Kollam-Shenkottai NH. The Kollam-Shenkottai railway line is also a part of it.

The project intends to increase employment, draw in private investment, and enhance transportation. Additionally, it will facilitate access to key destinations and enhance the standard of living in the surrounding districts.

Plans call for improving farming methods and supporting sectors of the economy that rely on agricultural output. The corridor might develop into a center for space-related and IT services. It is also anticipated to grow into a significant hub for trade and business.

Plans also include solar and renewable energy installations. New solar power collection and storage technologies will be installed.

Additionally, tourism will grow, which might benefit sectors like hospitality and medical tourism as well as draw more tourists from abroad. Trade will be enhanced by the exploitation of coastal resources. Even in rural locations, the project hopes to generate a significant number of jobs.

Manpower from rural areas could be used to start electronics manufacturing and assembly facilities. Additionally, the corridor will provide a vast network of production facilities and assist new businesses.

The new business will assist in the construction of fundamental infrastructure and serve as a facilitator. The establishment of firms will be spearheaded by private enterprises. The government will provide them with all the assistance they require.