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State committee approves 43 industrial investment proposals

Last Updated 30 April 2016, 21:03 IST

 The State-Level Single Window Clearance Committee on Saturday approved 43 industrial investment proposals worth over Rs 3,028 crore, including a Rs 495-crore investment by Hoskote Neo Homes Ltd in the IT sector in Bengaluru Rural district.

Briefing reporters on the committee meeting, Industries Minister R V Deshpande said Ruchi Soya Industries Ltd’s Rs 455-crore proposal to invest in food and agribusiness sector in Dakshina Kannada district was also cleared by the committee.

Ruchi Soya had signed a memorandum of understanding with the government for this purpose in the Investment Karnataka meet held a few months ago, he added.

The committee cleared a proposal by the Central Institute of Plastic Engineering and Technology’s proposal to set up an Advanced Polymer Design and Development Research Laboratory in Bengaluru Rural district at a cost of Rs 87 crore.

The laboratory will be a research and development centre, which will be set up with financial assistance from the Union government.

Union Minister for Chemicals and Fertilisers, Ananth Kumar, had during the investors’ meet proposed to set up the laboratory and urged the government to provide land. Hence, the government has decided to allot five acres of land at Devanahalli for the purpose.

Besides, the government has informed the Chemical and Fertiliser Ministry that it was ready to allot about 150 acres for establishing a proposed Pharma Park in Mysuru, Deshpande said.

Other proposals

The committee has also cleared a proposal by Wilderness Lodge Pvt Ltd to invest Rs 150 crore in the tourism sector in Kodagu; a project by Nirani Sugar Ltd to invest Rs 113 crore in the sugar sector in Bagalkot; the IOC’s Rs 150-crore investment plan in Bengaluru Urban; and The Printers (Mysore) Pvt Ltd’s Rs 17-crore project proposal in Mysuru in the printing sector.

Section 8 company

This apart, the minister said the government had decided to establish a dedicated company called Invest Karnataka under Section 8 of the Companies Act, 1956, to attract investments to Karnataka.

The proposed company will have representatives from both the government and the private sector.

It will promote and market Karnataka as an investment destination, he said.
Dubbed as the first-of-its-kind initiative in India, the company will have experts and highly skilled staff.

“Singapore has set up such a company for attracting investments. We want to try the same model with an intention to make Karnataka a most sought-after investment destination,” he said.

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(Published 30 April 2016, 21:03 IST)

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