Thiruvananthapuram, Sep 25 (IANS) Kairali TV, which is backed by the Communist Party of India-Marxist, is planning an eight-storey building here to house its headquarters.

Chief Minister V.S. Achuthanandan, who is a shareholder in Kairali TV, is likely to lay the foundation stone for the building Friday.

Kairali TV went on air in late 2000 when E.K. Nayanar's government ruled the state. At the time, the channel came under heavy attack by then opposition and senior Congress leader A.K. Antony, who claimed that the Nayanar government misused office to promote the channel.

But now into its sixth year of operations, Kairali TV is out of the red and making profits.

The chairman of Kairali TV, superstar Mammootty, said the channel expects the building to be commissioned in two years' time.

"We are relying on bank loans and at the moment we plan to utilise the space for the channel to house the entire operations. The balance space would be sold outright," Mammootty told IANS.

The proposed building would have eight floors and a built-up area of up to 100,000 square feet in a 75-cent plot of land. It will also house a state-of-the-art studio and function as the headquarters of the TV channel.

"During 2005-06, we made a profit of Rs.97 million and we are on the right track," added Mammootty.