Karnataka govt nod for 6 projects worth over Rs9,000 crore
Karnataka government approves six new projects, including ones by Oracle and L&T, valued at Rs9,048.39 crore in sectors such as IT, tourism, and industrial infrastructure
Bengaluru: The Karnataka government on Friday approved six new projects valued at Rs9,048.39 crore in sectors such as information technology, tourism, and industrial infrastructure which is expected to create over 35,000 employment opportunities in the state.
The State High Level Clearance Committee, chaired by the chief minister, approved the projects that will be set up in Bengaluru urban and rural areas as well as Belagavi, the government said in a statement on Saturday.
The approvals come as a positive sign for the state government which has been criticised for long delays in project clearances and cumbersome approval mechanisms which have led to some big ticket investors moving to neighbouring states.
Oracle India Pvt. Ltd will invest Rs2,348 crore in an IT/ITES special economic zone in Bengaluru that is expected to create 9,697 jobs.
Two IT/ITES projects of L&T Construction Equipment Co. Ltd were approved valued at over Rs2,080 crore and to create 18,000 jobs. Other investments include an integrated IT park by Bluestone Tech Park LLP valued at over Rs2,051.39 crore and expected to create over 750 jobs.
Other big ticket investments include a tourism project by Cornerstone Property Developers (Rs1,330 crore and 5,540 jobs), and an industrial infrastructure project by Devi City Industrial Park Pvt. Ltd (Rs1,149 crore and 1,000 jobs).
Karnataka has been wooing big ticket investors to the state after it lost out a couple of key projects to neighbouring Andhra Pradesh and Telangana.
However, the state government has also managed to attract key investments in various sectors in recent times. Apple India Pvt. Ltd, the Indian arm of the over $650 billion California-based Apple Inc., is all set to make the iconic iPhones in Bengaluru, Mint reported on 3 February.