Karnataka approves projects worth over Rs 58,000 cr

The Karnataka government today approved 60 new industrial projects involving an investment of Rs 58,517.70 crore, which includes two projects of Infosys Technologies and one of Wipro.

Industries Minister Murgesh Nirani said two software development centre projects of Infosys Technologies, one on 350 acres in Sarjapur Road and another on 40 acres in Devanahalli Industrial Area in Bangalore Rural district with investment of Rs 2,960 crore, employing 30,000 people in all, have been approved.

He was briefing reporters after the 22nd State High Level Clearance Committee (HLCC).

Wipro's software development centre and employees residential area on 40 acres in Kudathi village with an investment of Rs 537 crore has also been approved.

The other important projects, which have been given the green signal include Reliance Cementation's cement plant, Nestle's Instant Noodles & Mixed Condiments project, gas-based projects of Bharat Forge, Luxor Power, Saheli Exports and Bagmane Exports.

The Reserve Bank of India's currency note paper project in Mysore involving an investment of Rs 1,180 crore has also been approved.

Of the 60 approved new industrial projects, maximum are in iron and steel sector (10) followed by non coventional energy (6), gas-based energy and thermal (4 each). The other projects are in sectors including software development, agro-based, cement, housing, textiles and minerals.

Nirani said to encourage SC/SCT entrepreneurs, the subsidy given by Karnataka Industrial Area Developpment Board on land purchase has been doubled to Rs 10 lakh to each entrepreneur and that given by Karnataka Small Scale Industries Development Corporation has been hiked from Rs 2 lakh to Rs 5 lakh.

He said the state was fully geared up to host the two-day Global Investors' Meet slated from June 3, with all arrangements including security in place.

Business magnates, who will grace the inaugural session, include Laxmi Mittal, Vijay Mallya, Shashi Ruia, Sajjan Jindal and Kumaramangalam Birla, Nirani said.