He was speaking to the media persons after laying foundation stone for ‘Software Paradigms Infotech Pvt., Ltd., (SPI)City Phase two’ at Hebbal Industrial Area in the city on Thursday.

Manoli said, the agreement will be shortly signed between the State and a company in Tel Aviv for  the aforesaid purpose. This apart, plans are on the anvil to establish innovation hub for Small and Medium Enterprises (SMEs) in IT sector, in Bangalore. To a query, he clarified that IT sector was not acquiring fertile rich lands for its expansion, but only barren lands.

Earlier, participating in the programme, Manoli was happy to note that of the total Rs 45,000 cr investment in IT sector promised during Global Investors Meet (GIM), in Bangalore, the capital city will be seeing an investment of Rs 12,000 crore in the next two weeks. A vast tract of land has been acquired near Bangalore International Airport (BIA) at Devanahalli and 55 investors are in queue to start their ventures. He attributed the surge in the ITES sector to the industry friendly policy of the State Government that has announced several incentives just to attract investors. It may be in the form of waiving off some taxes, etc.,, he said.

On Tier II cities, especially Mysore having potential for growth in the realm after Bangalore, Manoli said Mysore has 53 companies in its womb including that of Infosys, SPI among several others. He complimented SPI in particular for selecting Mysore to expand its unit outside foreign country, from where it began its journey. “The SPI’s foray into Mysore 13 years ago deserves an applause as IT was still in its infancy then”, Manoli said. He also appealed to CEO and MD, SPI, Sid Mookerji to join the league of SEZs that also assures more investments.

In a bid to instill confidence among those pondering upon investing in tier II cities, Manoli said investment outside Bangalore cuts down the cost by 35 per cent. In the previous two years the State has provided space to 75 new companies investing about Rs 45,000 crore. In the next 10 years, the focus is on nurturing talents, innovation, cost cutting and  value addition, said Manoli. Sid Mookerji was happy to put the company’s growth at 68 pc this year and appealed to his colleagues to continue with good performance in the coming year too. The new building will increase SPI’s space accommodating 1,000 additional manpower, he said.

Police Commissioner Sunil Agarwal, Chairman, SPI Board, John Cook, VP,  Financial services Jeff Deakin and others were present.