Karnataka gets Rs.5-trillion worth investment proposals (Lead)

June 7th, 2012 - 9:29 pm ICT by IANS  

Bangalore, June 7 (IANS) About 600 global and Indian firms Thursday committed to invest a whopping Rs.5 trillion (Rs.5 lakh crore) in the state across 14 sectors on the first day of the second Global Investors Meet (GIM 2012) here.

“About 600 firms have signed agreements with our industry department to invest in the state over the next five years. More companies will sign Friday, which will exceed the target of Rs.6 trillion (Rs.6 lakh crore) we have set for this GIM,” Industries Minister Murgesh Nirani told reporters.

Among major firms which have proposed to invest are GVK Group (Rs.29,000 crore in power projects), Tata group (Rs.26,000 crore in nine sectors), Suzlon (Rs.20,000 crore in solar and wind power projects), Marib Infrastructre (Rs.18,400 crore in tourism projects), Embassy Group (Rs.14,370 crore in IT park) and Rajesh Exports (Rs.11,986 crore in gems and jewellary park).

Other firms are state-run Mangalore Refinery Petrochemcals Ltd (MRPL) Rs.8,500 crore, JSW Steel Rs.6,090 crore, Sun Forest City Ltd Rs.10,000 crore in aerospace park, Ascendas Rs.10,400 crore in IT infrastructure park, and Goenka group Rs.9,900 crore in renewable energy.

“Of the 600 proposals, 32 are from overseas firms, bringing in substantial foreign direct investment (FDI) into the state. Majority of investments will be in knowledge-based sector spanning IT, biotech, pharma, aerospace and electronics and core sectors such as cement, steel, energy, roads and tourism,” an upbeat Nirani asserted.

Investment proposals in the steel and mining sector, however, slumped to less than 10 percent from about 60 percent in the first edition of GIM held in June 2010.

“The state government will initially invest Rs.2,000 crore in creating basic infrastructure such as roads, power, water and civic amenities in the industrial clusters that will be set up to create an eco-system for the prospective investors,” Nirani said.

The government has identified 120,000 acres of land across the state for facilitating investors to set up their manufacturing facilities.

“We already have a land bank of 46,000 acres as final notification has been issued to acquire the lands, while preliminary notification has been issued for the remaining 40,000 acres of land,” Nirani added.

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