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Karnataka clears Rs 38,218 cr investments

Maximum investment proposals have been cleared in iron and steel industry

BS Reporter  |  Chennai/ Bangalore 

The State High Level Clearance Committee (SHLCC), headed by chief minister Jagadish Shettar, has cleared new investment proposals worth Rs 38,218 crore.

The SHLCC, at a meeting on Tuesday, cleared 44 investment proposals, which have committed to provide employment to 169,959 people, the state industries department said.

Of these, the maximum investment proposals have been cleared in the iron and steel sector for Rs 8,658 crore, followed by Rs 6,912 crore in engineering and Rs 5,052 crore in the energy sector. The committee has cleared Rs 4,096 crore worth of investment proposals in the infrastructure sector, while the investment in information technology is Rs 3,009 crore. Other sectors include chemicals (Rs 2,798 crore), cement (Rs 1,848.14 crore), agri-based industries (Rs 705 crore), sugar (Rs 580 crore), SEZs (Rs 470 crore), textiles (Rs 250 crore) and other industries (Rs 322 crore).

However, the department of industries has not revealed the names of companies that have got their proposals cleared at the SHLCC meeting. The state government had signed 752 MoUs during the global investors meet held in June 2012 for a total investment commitment of Rs 6.77 lakh crore.

Of these, 19 projects have been commissioned involving an investment of Rs 4,906 crore, a department release said.

Henceforth, the government will receive fresh investment proposals for mega projects that require SHLCC approval only through online.

First Published: Wed, March 20 2013. 20:22 IST