Thiruvananthapuram | The Keralam Cabinet on Wednesday approved the draft Memorandum of Association and Articles of Association of a Special Purpose Vehicle (SPV) formed to implement the proposed International Maritime Museum and Oceanarium projects, Chief Minister V D Satheesan said here.

Briefing reporters after the Cabinet meeting, Satheesan said the SPV would be registered as a Section 8 company and initially set up as a foundation.

The two projects are part of the government's ambitious Mission Samudra project.

The economic model for the projects would be decided at a later stage.

"Both projects will become major tourist destinations and two prestigious landmarks for Keralam's tourism sector," he said.

The Oceanarium would be of a kind not seen anywhere else in India and would have the most modern facilities, the chief minister said.

The International Maritime Museum, on the other hand, would showcase Keralam's rich maritime history and be developed to international standards, he said.

"These are two projects included in the government's dream projects. The process has already begun. As I mentioned earlier, we expect to deliver on our commitments within six months. Steps are being taken to speed up both projects," Satheesan said