Karnataka clears two investment projects

The Karnataka government on Monday cleared two investment proposals worth Rs.559 crore, with potential to create about 930 jobs in the state, an official said.

"The state high level clearance committee under the chairmanship of Chief Minister Siddaramaiah met here and approved the twin proposals for setting up a textile unit and a steel product unit in the state," the official told IANS.

Toyoda India Industries Ltd will set up a textile machinery unit at Vasantnarasapura in Tumakuru district, about 70km from Bengaluru, at a cost of Rs.410 crore for creating jobs to 800 people.

Eco Myster Beeds India Ltd will set up a slag ball manufacturing plant at Tornagal in Ballari district in the northern region at a cost of Rs.149 crore and provide jobs to 130 people. Tornagal is about 360km from Bengaluru.

In 2015-16, the state government has cleared 78 proposals, with a combined investment of Rs.24,019 crore and job potential for 16,330 people.

Last fiscal, 138 proposals were cleared with a combined investment of Rs.54,433 crore and prospects of job creation to 56,101 people.