Bhubaneswar, Oct 31 (IANS): In a bid to fast-track the long pending Shamuka beach tourism project in Puri, the Odisha government has decided to form a joint venture company for its implementation and development of other tourism projects around the town.

The government will form the joint venture - Shamuka Tourism Development Corporation Ltd. (STDCL) - for the Shamuka project as well as other tourism projects around Puri town and peripheral tourist locations like Chilka, Satapada and Raghurajpur, Tourism Minister Ashok Chandra Panda said on Saturday.

He said both the Odisha Tourism Development Corporation (OTDC) and the Odisha Industrial Infrastructure Development Corporation (IDCO) shall have equal equity participation in the joint venture company. The state tourism secretary will be the chairman, said an official release.

Initially, both OTDC and IDCO will invest Rs.5 crore each, he added.

OTDC has been asked to take the necessary steps to finalise the memorandum and article of association and register the STDCL with the Registrar of Companies at the earliest.

As many as 982 acres of land was acquired for the Shamuka project in Sipasarubali village near Puri.

With a dedicated company in place for the Shamuka project, its implementation would be expedited, said Tourism Secretary L.N. Gupta.

Though the project was conceived 25 years ago it has hardly shown any signs of taking off at the ground level, said sources.

The government planned to set up five star hotels and a golf course with golf villas, apart from a convention centre of international standards, boutique hotels, international spa and wellness centres, an entertainment zone and sports facilities.