The Bangalore Chamber of Industry and Commerce (BCIC) on Thursday welcomed the state government’s policy decision to extend the lease period on KIADB land from the existing 30 to 99 years which the chamber said would go a long way in promoting rapid industrialization in the state.
BCIC President A N Chandramouli said that the Karnataka government has now matched international practices and also leasing practices followed by neighbouring states.
“This will also prevent flight of investment of MNCs from Karnataka and it is a timely action initiated by the state government,” he said. The chamber felt that extension of lease period would facilitate more foreign investments in the state.
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