Trivandrum: Kerala Tourism has signed a Memorandum of Understanding (MoU) with the Aluva based Federal Bank for the title sponsorship rights of the seventh season of the Grand Kerala Shopping Festival which will be held from December 1, 20113 to January 15, 2014.
The MoU was signed by S Hari Kishore IAS, Director of Kerala Tourism, who is also holding the additional charge of Director of GKSF and C P Sasidharan, Zonal Head of Federal Bank in the presence of the Tourism Minister, Shri A P Anil Kumar and Suman Billa IAS, Secretary of Kerala Tourism.
Earlier, the Minister said that an MoU has been signed with the merchant association, the Kerala Vyapari Vyavasayi Ekopana Samithi and this is expected to raise the registrations from merchant establishments to about one lakh, which will ensure greater participation.
Federal Bank would shell out Rs.2.75 crores to be the title sponsor. This amount is much less than the Rs.4 crores given by South Indian Bank as the sponsors for the last season of GKSF. Federal Bank was the earlier the title sponsor for GKSF season four during 2010-11.
The Minister added that the campaign for the shopping festival would begin from November 15 and the shortfall in sponsorship amount would be made up through other associations and sponsorships.
The norms for the festival have been revamped to encourage more participation by merchant establishments and participants alike. The bumper prize for GKSF 7 is Rs.1 crore in cash unlike the previous editions where the prize was in gold for the equivalent amount. There will be 84 weekly draws in 14 districts during the six weeks of the shopping festival.
It may be recalled that the Comptroller and Auditor General (CAG) had found that the Grand Kerala Shopping Festival conducted by the Tourism Department in 2011-12 had incurred a loss of Rs.44.58 crore as the scheme was launched without any specific guidelines. The festival was launched for transforming the State into a hub for international shopping experience within five years and also to promote the State’s trade and industrial sectors but it failed to achieve the objectives.
Kerala Biz News