The company will be owned on a 50-50 profit-sharing basis.

This agreement comes a day after state Tourism Minister Manabendra Mukherjee said that a new tourism policy for the state will be released by March-end.

Today, the minister also announced that the government will be investing Rs 2,500 crore this year on the development of tourism infrastructure in the state.

The initial projects that the new company will work on include setting up of a heritage river circuit along the banks of the river Ganga.

"We know that the Ganga has never been utilised properly for tourism purposes," Mukherjee said. Heritage buildings on the bank of the Ganga will be renovated to make big-budget luxury hotels.

Besides this, the venture has planned a host of other projects, which are expected to be commissioned by end of 2010. These include a cruise circuit from Murshidabad to Sunderbans (at a cost Rs 150 crore); two ropeway projects- one in Darjeeling at the cost of Rs 125 crore, which will be eventually extended to Jorthang in South Sikkim, and the another in Kolkata that will connect Strand Road to Howrah Station. This project will be built at the cost of Rs 12 crore. A Rs 200 crore cruise project has also been planned along the eastern coastline of the country.

IL& FS, which is a project development company, will look into the feasibility study, master planning, and bid process management.