KOCHI: The state government has sanctioned the Skycity project proposed by Yashoram infra Developers Pvt Ltd subject to the approval of the High Court.“The government has given sanction on certain conditions. A public limited company will be formed in which the state will hold 26 per cent stake. Twenty three per cent will be allotted for the public and 11 per cent will be free equity. The remaining equity will be held by agencies like the Greater Cochin Development Authority (GCDA) and Goshree Islands Development Authority (GIDA),” founder of Yasoram Group A R S Vadhyar told Express.The Skycity project was mooted by Yashoram Infra Developers in 2003 aiming at constructing a flyover across Chilavannoor backwaters. Though the state government supported the project, the Ministry of Environment and Forests refused to clear the proposal stating that the construction activities would affect the ecologically fragile area coming under the Coastal Regulation Zone (CRZ) Act. Following this, Yashoram infra Developers approached the High Court of Kerala.
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