Centre okays IT investment region

Centre okays IT investment region

Project to come up on 10,500 acres near BIA, generate 30 lakh jobs

Centre okays IT investment region

The Centre on Tuesday approved the Karnataka Government’s long-pending proposal for setting up an Information Technology Investment Region (ITIR) near Bangalore with an estimated investment of Rs 1.06 lakh crore.

As per the proposal, the project will come up on around 10,500 acres of land, 14 kms of north of Bengaluru International Airport (BIA). It will cover 45 villages in Doddaballapur and Devanahalli taluks of Bangalore Rural district.

The ITIR project, which was approved by the Cabinet chaired by Prime Minister Manmohan Singh, has the potential of generating annual turnover of Rs 2.01 lakh crore by 2032. The contribution of the IT and IT-enabled services (ITeS) is expected to be 70 per cent.

The project is expected to attract an estimated investment of Rs 1.06 lakh crore in two phases during 2012-32.  It is expected to generate about 1.2 million direct and 2.8 million indirect jobs, sources told Deccan Herald.

Land acquisition

The Centre will extend Rs 7,010 core for the road transport and Metro rail extension for the project from Bangalore city.

The State government has delineated an area of 42.51 sq km (approximately 10,500 acres) areas for the proposed project.

The project will come up in two phase and, the first phase will cover 2,100 acres by 2020. The second phase will be 8,400 acres during the year 2020-32. The ITIR is expected to develop into a key industrial region for the IT,  ITeS and electronic hardware manufacturing sectors.

The state government has proposed 60 kms of water pipeline to supply recycled
water to ITIR from Koramangala-Challaghatta valley and Raja Canal or the Vrishabhavati valley from Mysore Road.

To ensure uninterrupted power, the state has also promised to set up six sub-stations and laying 65 kms of transmission lines at a cost of Rs 340 crore. For the development of ITIR, the Karnataka Industrial Areas Development Board had earlier announced that it will acquire 2,072 acres for the first phase of this project.