KIIFB approves SPV for Vizhinjam-Kollam-Punalur Growth Triangle project in Kerala

The Kerala Infrastructure Investment Fund Board (KIIFB) has cleared a proposal to create a special purpose vehicle (SPV) under it for the implementation of the Vizhinjam-Kollam-Punalur Industrial and Economic Growth Triangle Project, Finance Minister K.N. Balagopal has said.

With the KIIFB approving the formation of the SPV, steps are on to secure the approval of the State Cabinet so that it can be registered, Mr. Balagopal said while addressing a press conference here on Monday (October 27, 2025) in connection with the 25th anniversary celebrations of KIIFB.

The Growth Triangle project, cleared by KIIFB in November 2024 and also announced in the 2025-26 State Budget, is designed to leverage the advantages of the Vizhinjam international seaport for the rest of Kerala, according to Mr. Balagopal.

It is expected to energise industry in south Kerala and also link the coastal regions, central Kerala and the high ranges through main road and rail arteries. Studies and steps to identify the required land have begun, he said.

Silver jubilee celebrations

Chief Minister Pinarayi Vijayan will inaugurate the silver jubilee celebrations of KIIFB at Nishagandhi Auditorium in Thiruvananthapuram on November 4. KIIFB chief executive officer K.M. Abraham will present a paper on ‘Nava Kerala Vision and KIIFB’ on the occasion. Mr. Balagopal will preside over the function which will begin at 6 p.m.

Mr. Balagopal said KIIFB has emerged as a “trusted government instrument” for ushering in change and development.

Coming into existence on November 11, 1999, KIIFB took its present shape with a law amendment in 2016. KIIFB has so far approved 1,190 projects worth ₹90,562 crore. It has so far spent ₹37,388 crore. Projects worth ₹21,881 crore have been completed, and work on projects amounting to ₹27,273 crore are in progress. Public Works department accounts for the highest number of projects – 516 projects worth a total of ₹34,330 crore, he said.

Allays loan payment concerns

Mr. Balagopal said there was no need for concern over loan repayments of KIIFB as it follows “a well-planned and robust asset liability management system.”

Mr. Balagopal said he did not see a scenario where the repayments would be hit.

He also reiterated the government’s plans to have more revenue-generating schemes under KIIFB in future.

Mr. Abraham and Additional CEO Mini Antony were also present.