Karnataka SHLCC grants in-principle approval to slew of investment proposals

The Karnataka State High Level Clearance Committee (SHLCC), headed by the chief minister, Mr B S Yeddyurappa, gave its in-principle approval to 34 investment proposals worth almost US$ 20.89 billion.

The memorandum of understanding (MoU) with the project investors would be signed by the government during the Global Investors’ Meet scheduled for June 3 and 4 in Bengaluru, according to Minister for large and medium industries, Mr Murugesh R Nirani. These projects would generate jobs for nearly a 100,000 people. Nirani too expressed optimism and confidence that the global investors’ meet being organised in June 2010 would be a success.

Of these, nine projects are in the iron and steel sector, worth US$ 16.43 billion; four in energy sector with an investment of US$ 2.36 billion; four cement facilities worth US$ 1.13 billion; US$ 221.6 million in solar power sector and two projects worth US$ 45.9 million in the agriculture sector. Amongst others, one project each in logistics, IT/TeS and BPO sectors were also cleared.

Some of the players whose proposals have been cleared include Coca Cola which would be putting up its third bottling unit in Karnataka at Bidadi, “financial city” near Devanahalli Industrial Area near Bangalore at an investment of US$ 221.6 million, Just Dial’s ITTeS BPO and Software Development Centre at Devanahalli worth US$ 99.8 million, Moser Baer, Easun Reyrole (electrical switchgears), StarragHeckert (aerospace components), Tokai Rubber Auto Parts (automotive components) and Fowlerwestrup India (agriculture products processing machineries), Surya Roshini, Gujarat Ambuja Exports Limited. Amongst the leading players expected to participate in the road show in Maharashtra to be held later this week for showcasing the Meet, are majors such as Tata Group, Reliance Industries and Mahindra and Mahindra.

Posco had earlier proposed to establish a six million tonne steel plant in the State with an investment of US$ 7.1 billion for which top Industries department officials of the state are planning a visit to Seoul on April 5.