Addressing a press conference, he said that the companies had been asked to submit technical and financial proposals before July next so as to complete the final selection by September. The project, estimated to cost Rs 4,500 crore, would be undertaken on a build, operate and transfer basis.

He also said that steps would be taken for the development of Alappuzha, Ponnai, Beypore and Azhikal ports.

Raghavan regretted that nationalised as well as scheduled banks were not advancing adequate loans to drought-hit farmers in the state. They had advanced only Rs 9,000 crore to the farm sector last year against a deposit of Rs 62,000 crore. On the other hand, the cooperative banks had been advancing loans more liberally to farmers at a reduced interest rate of eight per cent, besides declaring a six month moratorium on repayment, he pointed out.

The minister said that a sum of Rs 50,000 had been given by cooperative banks to each of the families of 11 farmers of Wayanad district who committed suicide because of their inability to repay bank loans.