Mr. Sebastian Joseph (Chairman, Prince Holding) addressing the press. (From Left) Mr. Shaji Baby John,
Mr. Antony Kunnel, Mr.Abhilash Pillai, Mr.Christopher Heak, Mr.Satish Gopinathan, Mr.Balagopal Veliyath are also seen
Kochi, August 172012: Identifying Kerala as a major investment destination, Pravasi Investment Consotium & Equity Holding Ltd. (PRINCE HOLDING), a Dubai based consortium of NRIs from around the world, has decided to invest in an IT/ITES enabled Business Parks & Life Spaces project in the State.
PRINCE G.A.T.E.S, the project is a PRINCE HOLDING initiative for the sustainable development of society and creating empowered communities.
It is expected that over 300,000 NRIs are expected to return home over the next 5 years. PRINCE G.A.T.E.S aspires to be a common platform for the NRI community to come together and thereby redirecting human capital movement from more developed countries to their home land, contributing to the ‘reverse brain drain’. The knowledge and technology transfer is expected to benefit all sections of the society in each of the States.
“By taking up the PRINCE G.A.T.E.S project our attempt is to establish an eco-system to enable the integration of global advanced technolgies. This will create empowered communities and enable the sustainable development of society. The combined experience, expertise and resources of the global Indian diaspora will facilitate the development, transfer and commercialization of technology,” PRINCE HOLDING Chairman Mr Sebastian Joseph said. Mr Joseph is also the CFO & COO in the Office of the Ruler of UAE’s Western Region, Abu Dhabi, as well as the Chairman of PRINCE Health Foundation.
The focus is to collectively pool the resources of the individual members of the Consortium to create an infrastructure that is conducive to and supporting of technology based firms, facilitating interaction, technology development, economic growth, new venture creation, commercialization of innovation and building up of quality human resources in a self-sustaining environment.
Approximately 350 to 500 NRIs are participating in each of the projects as a part of PRINCE Consortium. After successful conclusion of various tie-ups and putting the project o track we intend to replicate the same model in other major South Indian cities.
“Kerala is a very preferred destination as a majority of the returning NRIs will be from Kerala. PRINCE HOLDING has decided to set up the first project in Kerala and we are here to finalize with various Governmental authorities and execution partners on how to take this forward”, Mr. Sebastian Joseph added.
PRINCE G.A.T.E.S projects are being set up in an area of approximately 100 acres, with an investment of over Rs.2000 crores in each project. Which is expected to create around 20000 quality employment.
The “Emerging Kerala” initiative by the Government of Kerala and its investment friendly policies gave us the confidence to move forward and make the project a reality.
Each of the PRINCE G.A.T.E.S project will contain a Special Business Zone, a Centre for Excellence in Advanced Technology & Innovation, an International Financial Centre, an Education Zone, a Hospitality Zone comprising Clubs, Spas and Service Apartments, a Health Care Zone, NRI Facilitation Centre, a Shared Facilities Zone consisting of Sports Academy, Retail strip mall, Multiplex, Food courts, Library & a Residential Zone with Villas, Row Houses and Apartments.
PRINCE G.A.T.E.S project is planned to be one of the first of its kind and a premium integrated life-spaces project. The development is envisaged to be completely ‘sustainable’ and also ‘self-sufficient’. Thus the project is proposed to essentially support multiple clusters across the respective States and the country, which would be inter-dependent for an overall sustainable development.
As PRINCE G.A.T.E.S is being developed primarily by the NRI community, under a collective investment scheme, it may perhaps be the first of its kind in the country. The lead consultants and planners of the project include internationally reputed players like Ernst & Young, Burt Hill Stantec.
Acknowledging the revelation that India’s economy will be better served by long-term investments by our returning NRI brethren, PRINCE HOLDING takes the lead for the NRI community to participate and benefit in India’s unfolding growth story.