The state government has approved the formation of a special purpose vehicle to implement the Mission Samudra initiative.
The Keralam Cabinet decided on Wednesday to accelerate the implementation of the International Maritime Museum and Oceanarium project, according to reports by The Times of India and The Hindu.
Chief Minister V D Satheesan stated that the cabinet approved the draft Memorandum of Association and Articles of Association for a special purpose vehicle (SPV) created for the project.
The SPV will initially function as a Section 8 company under the Companies Act, while the financial model for the venture will be determined during the second phase.
The project is part of the Mission Samudra initiative and aims to build one of India's most advanced oceanariums to support the state's tourism sector.
The maritime museum is intended to display the seafaring history of Keralam, including the ancient port of Muziris, Kollam port, and boatbuilding in Beypore.
Satheesan noted that the government expects to fulfill these commitments within six months as work on the projects has already commenced.
