Karnataka clears Rs.636 bn investment projects

Karnataka clears 636 bn investment projects

Wednesday, 29 August 2007, 07:00 Hrs
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Bangalore: The Karnataka government late Tuesday approved infrastructure and industrial projects estimated at a whopping 636 billion that will help create a million jobs.

State Industries Minister Katta Subramanya Naidu told reporters that the state high-level committee on investments, chaired by Chief Minister H.D. Kumaraswamy, had cleared 10 IT/ITES (IT enabled services) special economic zones (SEZs), 16 IT/BT (biotech) parks, seven sugar mills, five steel projects, four tourism projects and an electronics hardware SEZ, besides proposed investments in textiles, aviation, cement sectors and co-generation of power.

"The committee has approved 59 industrial and infrastructure projects, which are expected to create employment for about one million skilled and semi-skilled youth. Of the total projects, 24 will be located in and around Bangalore," Naidu said.

Jupiter Aviation, promoted by entrepreneur and Rajya Sabha MP Rajiv Chandrashekar, will set up an aviation training academy and an inland container depot at Hassan, about 200 km from here, with an investment of about 6 billion.

In the manufacturing sector, Arihant Ispat Ltd will set up a 100,000-tonne steel plant in Bellary district at a cost of 2.42 billion. Srirama Steel Holdings will invest 4.5 billion on a sponge iron plant in the same district. Simiarly, Dhruvadesh Metal Steels Ltd will set up a mini steel plant in Koppal district with an investment of 1.5 billion.

Jade Holdings has been permitted to set up a textile SEZ at Bidar in north Karnataka.
Source: IANS
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