Karnataka State likely to clear Rs 5,000 cr investment

Source: http://www.business-standard.com/india/news/state-likely-to-clear-rs-5000-cr-investment/359370/

Karnataka government is likely to clear various projects with an investment of close to Rs 5,000 crore shortly. Raj Kumar Khatri, commissioner for industrial development and director, department of industries and commerce said that since January they have received 25 major industrial investment proposals that are expected to be cleared by the high level committee (HLC) next month. HLC clears major investment projects involving an investment of above Rs 50 crore.

Among other major investment projects that are waiting for approval by the state government include a proposal from Sri Renuka Sugars Limited to expand sugar crushing capacity from 5,000 tonnes crushed per day (TCD) to 10,000 TCD at two of their units at Burlahatti in Athani taluk in Belgaum district and Afzalpur in Bijapur district at a combined investment of Rs 250 crore, Khatri told Business Standard. He said the government has also received an application from Bosch Limited to set up a new manufacturing facility for automotive components at an investment of Rs 400 crore. The company intends to set up a new unit near Toyota Kirloskar’s car plant at Bidadi.

The department has also received an application from Premium Farmfresh, a Lalit Suri Group company to set up a terminal market chain for fresh fruits and vegetables at an investment of Rs 400 crore.

The company intends to set up modern marketing chain in places like Belgaum, Hassan, Hoskote and Mysore.

In addition to these, two US-based non-resident Indians (NRIs) have shown interest to set up thermal power projects in Karnataka involving a combined investment of Rs 2,500 crore for generating a total of around 770 MW. The two companies are planning to set up set up thermal power projects in Bijapur district, a senior government official said.

Khatri said the state government is planning to organise the global investors meet in Bangalore in December this year. The meet, which was earlier scheduled to be held in January this year, had to be postponed due to economic slowdown. The government intends to keep ready a land bank of around 160,000 acres across the state before the investors meet. Currently, it has completed the process for acquisition of around 35,000 acres.