Nodal officers to follow up MoUs signed during investors' meet

The State government has started appointing nodal officers from the Industries and Commerce Department to follow up the memorandums of understanding (MOUs) signed during the Invest Karnataka summit, but at the same time set a deadline for the companies to file applications by May 15 to take their projects forward.

Addressing a press conference in Bengaluru on Monday, Industries Minister R V Deshpande and Industries and Commerce Department Additional Chief Secretary Ratna Prabha said the nodal officers would individually follow up each of the 122 MoUs signed during the two-day summit held earlier this month. However, the companies have to apply for clearances by May 15, they said.

As many as 122 MoUs/ Expression of Interest were signed across various sectors with an investment intention of Rs 1.27 lakh crore and a potential to create 1.7 lakh job opportunities during the summit. A majority of the top 10 MoUs pertained to the energy sector.

Solar Capital City Ltd signing an MoU with the government with an investment intention of Rs 15,000 crore to set up solar power plants and panel manufacturing units in various districts topped the list.

Fox Petroleum has come forward to set up floating storage regasification units in coastal districts at a cost of Rs 7,000 crore, while Adani Green Energy Limited has signed an MoU for setting up a 1,000MW windpower project in the State.

Deshpande said the State would soon set up a company modelled on the lines of Singapore Economic Development Board comprising representatives from the industry and also government officials to exclusively monitor and follow up investments in the State.

To enhance the ease of doing business in the State, Karnataka Udyog Mitra (KUM) will apply electronically with the office of the deputy commissioner on land requirement sought by the industries. A software for the purpose will be launched soon, Deshpande said.

He said a Monitoring and Grievances Redressal Cell will be established at KUM, along with a centralised helpline to facilitate investors, besides reviewing progress of the implementation of projects on a weekly basis.

Besides the new 122 MoUs, as many as 1,080 projects with an investment potential of Rs 1.77 lakh crore had been cleared by the industries departments during 2015-16, the minister said.