Adani Group likely to invest Rs 50k cr in Karnataka: Nirani

Adani Group had earlier come forward to invest Rs 5,000 crore in Karnataka

Large & Medium Scale Industries Minister Murugesh Nirani stated that Gautam Adani has in principle agreed to invest in an international airport near Kittur between Dharwad and Belagavi, and a tunnel near Sakaleshwapur which would reduce the distance between Bengaluru and Mangaluru.

"Discussion is still on, and these would be finalised in the Global Investors' Meet (GIM) to be held from November 2. Adani Group had come forward to invest Rs 5,000 crore in Karnataka, and now it has shown interest to invest Rs 50,000 crore, while it will be finalised in the GIM," he said.

Speaking at the inauguration of 'TiECON Hubballi 2022' entrepreneurship summit organised by The Indus Entrepreneurs (TiE) Hubballi chapter here on Saturday, Nirani stated that more investment would come if the infrastructure required is provided.

Electricity bills

By directly linking associations of industrial estates with electricity generators, electricity bills for industrialists would be reduced by nearly 50%, and the government would provide Re one per unit as service charge, he said, adding that sale-deeds are being issued to industrialists instead of lease-deed, while their property tax rate is reduced 30% than the tax rate of commercial buildings.

Fast-Moving Consumer Goods (FMCG) cluster near Dharwad is already announced in the budget, and the Finance Department has given its approval for it recently. Steps would be taken to acquire 500 acres or 1,000 acres of land near Hubballi-Dharwad for industrial purposes. 1,000 acres of land is being acquired on Goa Road in Khanapur in Belagavi district, and industries there would have easy access to airport and port, Nirani said.

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