Karnataka hopes signing MoUs worth Rs 3.5 lakh cr at GIM

Last Updated: Thursday, June 3, 2010 - 19:12

Bangalore: Karnataka expects nearly 400
investors to ink MoUs for projects with an envisaged
investment of Rs 3.5 lakh crore during the two-day mega event
Global Investors` Meet (GIM), which commenced today.

"....nearly 400 investors will be signing the MoUs with us
today and tomorrow for implementation of their projects with
an investment of about Rs 3.5 lakh crore and employment for
over 6.5 lakh people," Chief Minister B S Yeddyurappa said at
the inaugural function.

He said leading banks and other financial institutions
have come forward to sign MoUs with the Karnataka government
for providing loans and financial assistance to these

Yeddyurappa said his government is developing software,
hardware and aerospace parks near Bengaluru International
Airport in about 3,000 acres.

"We also propose to develop an Information Technology
Investment Region with an area of 10,000 acres in North
Bangalore," he said.

The BJP government in Karnataka has projected the GIM,
aimed at vigorously wooing private investment, as a major
event of the two-year-old Yeddyurappa regime, holding
roadshows in India and overseas in the run-up to the show.

GIM was inaugurated by the Leader of Opposition in Rajya
Sabha, Arun Jaitley, who spoke about Karnataka`s advantages in
terms of a huge network of educational institutions, trained
manpower and "reasonable infrastructure". Now the challenge is
to convert the envisaged investment into reality, he said.

Corporate bigwigs like L N Mittal, Kumaramangalam Birla,
Azim Premji, Vijay Mallya, S Gopalakrishnan, Shashi Ruia, and
Venu Srinivasan spoke at the inaugural at the sprawling Palace

Union Law Minister M Veerappa Moily opened the
exhibition, while Union Minister of Food Processing Industries
Subodh Kant Sahai released the sector and district profiles.

Yeddyurappa said the state government is creating a land
bank in every district for investors.

"We have already notified about 63,000 acres of land for
acquisition and another 40,000 acres will be acquired, based
on the demand," he said.

He said more than 100 infrastructure projects have been
proposed for private investment in the GIM. This includes 18
industrial estates with an area ranging from 30 acres to 2,500


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First Published: Thursday, June 3, 2010 - 19:12

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