K'taka clears mega projects worth Rs 1.38 lakh crore

Investment across various sectors, including gas pipeline project of Reliance Industries, and fertiliser, was cleared by a high-level state clearance committee headed by the Chief Minister on January 5.

Rolling out a red carpet to steel magnet L N Mittal, CEO and Chairman of ArcelorMittal, he said the state government would give all regulatory clearance within 90 days of the signing the MoUs.

The projects cleared include Zuari Fertilisers' urea plant at Belgum with an investment of Rs 4,565 crore. Two gas pipeline projects included Gail for laying the pipeline from Dhabol to Belgum and Bangalore.

Global oil leader Shell will also invest Rs 1,376 crore in setting up its R&D centre in Bangalore. The world's number one cement maker Lafarge would invest Rs 1,500 crore.
"I am very happy to note that despite recession, leading industries of the world have come forward to invest in the state... this shows that Karnataka remains a preferred destination for investors in India, Yeddyurappa said after his meeting with Mittal here.

The state government would be organising global investors' meet in June in Bangalore where ArcelorMittal head would be the chief guest.

The Chief Minister said that the state has attracted an investment of Rs 3.59 lakh crore in the last 18 months of the BJP rule against Rs 3.23 crore during the previous three years from 2005-08.