The decision comes a day ahead of the inauguration of its ambitious Invest Karnataka Global Investors Meet, which will see major industrialists like Anil Ambani and Ratan Tata in attendance.
According to official sources, the cabinet took this decision after considering the growing demand by IT captains who had set up their units at the IT park in Hubli.
The monthly rental tariff has been reduced by 50 per cent, from the existing Rs 20 per sq feet to Rs 10sq feet, sources said.
There are over sixty companiesoperating from the facility, which has struggled to attract others due to lack ofinfrastructure.
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