Global meet to attract Rs 5 lakh cr investment

Investors Meet is scheduled for June 3 and 4 in Bangalore

The investment expected includes 72 projects of worth Rs 2.32 lakh crore already cleared by the State High Level Clearance Committee. The project promoters will sign memorandums of understanding with the State Government during the Global Investors’ Meet.

Industries minister Murugesh Nirani, addressing a press conference in Bangalore on Wednesday, said he was hopeful that more than 60 per cent of MoUs signed in the GIM would be realised in the coming years. In the last GIM held, when S M Krishna was the chief minister, memorandums of understanding for projects worth Rs 20,000 crore were signed. Of them Rs 12,000 crore worth realised over the years.

The government had conducted road shows in China, Japan, Europe, USA, Singapore, South Korea, New Delhi, Mumbai to attract investors to the GIM. Similar road shows would be held in Hyderabad and Chennai as well. The road show in Hyderabad is scheduled on Thursday.

Compensation

The government had identified one lakh acres of land across the state for industries. Of them final notification of 50,000 acres would be issued in a few days. The remaining 50,000 acres would be notified before the GIM. “Land losers can take compensation for their land in terms both cash and developed land. Those opt for developed land, will get 9,600 sq ft of developed land for every acre of land”, the minister said.

Global district

The Industrial Finance Corporation of India (IFCI) has shown interest to invest Rs 1,000 crore in the proposed global financial district, coming up in 150 acres near International Airport in Devanahalli. Industries minister Murugesh Nirani, on Wednesday, the Corporation had sought 50 acres of land in the district.

The IFCI would set up its base in the global district. Besides, 12 national banks, one or two global banks and  insurance companies would come up in the district. “The location, close to the international airport, is a strategic point for financial institutions.

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