Global financial district planned

45 banks keen to set up base at the hub

As the location is close to Bengaluru International Airport, 45 banks have shown interest to have their offices in the hub. Industries Minister Murugesh Nirani, in Bangalore on Wednesday, said the project had been named the global financial district. Along with banks, insurance companies and chit fund firms would also open their corporate offices in the district. The project would include a township for the employees of the institutions in the district.

The government is yet to work out modalities to implement the project. As of now, a part of the land has been allotted for Corporation Bank. Similarly, other banks would be allotted land required for their offices.

India Infrastructure Finance Corporation has come forward to set up the hub in association with the banks that show interest in investing on the project. Head of the corporation recently met officers of Industries and Commerce in Bangalore. The department is yet to take a final decision.

The minister said the government was expecting an investment to the tune of Rs 4,645 crore from four major industries of the country, with which he recently held a meeting. Hero Honda, Moser Baer, Kajaria Ceramics, Kapci Coatings and Nectar Lifescience Ltd would set up their plants and generate 8,800 jobs.
Nirani said the Tata Steel company had agreed to set up a three million ton capacity steel plant in Karnataka with an investment of Rs 13,000 crore. The company might identify land in Haveri for the project.

Land bank
Nirani said the government had been notifying only non-agriculture land for creation of land bank. It was difficult to lure investors without keeping land ready for setting up industry.

He said the government had initiated the process to withdraw land from the industries which failed to utilise it. So far the government had withdrawn 260 acres of land.
DH News Service