Investment at two Indian airfreight facilities

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Indian business title Business Standard is reporting that the state-run Kerala State Industrial Enterprises (KSIE), which operates the air cargo complexes at both Trivandrum and Kozhikode airports, will invest Rs 100 crore ($15 million) to renovate and revamp the facilities at both units, an official said on Thursday.

Apart from revamping the cargo complexes, KSIE will also invest Rs 10 crore ($1.5 million)in improvement of facilities at the Cochin International Container Freight Station, KSIE chairman Skariah Thomas told the Standard.

In the previous fiscal year, KSIE exported 25,600 tonnes from the air cargo complex, mostly vegetables and food items, from Trivandrum while at Kozhikode, the volume was 17,800 tonnes. It handled 6,900 containers at the freight station.

KSIE closed the last fiscal year on a high, clocking a turnover of Rs 86 crore ($12.8 million) and a net profit of Rs 1.53 crore ($224,925) says Thomas, adding that in this fiscal, they aim to increase their turnover to Rs 125 crore ($18.5 million).