Monday, February 15, 2010

Karnataka plans global financial district

Karnataka plans global financial district

To come up near Bengaluru International Airport.

— R.Eswarraj

Mr Murugesh Nirani, Karnataka Industries Minister (right), and Mr Srinivas Kamath, President of KCCI, at a press meet in Mangalore on Saturday.

Our Bureau

Mangalore, Feb. 14

The Karnataka Government is planning to set up a global financial district near Bengaluru International Airport, according to Mr Murugesh Nirani, the State Industries Minister.

Addressing presspersons on the sidelines of a function at the Kanara Chamber of Commerce and Industry (KCCI) here on Saturday, he said that the proposed global financial district will come up on 200 acres of land near the airport. The expression of interest for the project will be called soon.

“When big industries come up in the State, they require financial assistance for their projects. The global financial district will help form consortium when major projects come up in the region. For that we are planning a global financial district near the international airport,” he said.

All the financial institutions, including banks and insurance companies, will set up their offices in the district. Nearly 45 banks welcomed the move when the proposal was mooted in a meeting last week, he said.

To a query on the likely completion of the project, Mr Nirani said it would be ready within 18 months after its launch. The project is being planned under the public-private partnership model.

“We want the proposed global financial district to be a model to the entire nation,” he said.

Investors meet

The Government will host the global investors' meet in Bangalore on June 3 and 4. The Government is expecting investments to the tune of Rs 2 lakh crore in the proposed meet.

Stating that Karnataka has enough raw materials for the development industries in various sectors, he said the global investors' meet will make efforts to attract major industries in those sectors.

To meet the needs of the investors, the Government has already initiated the process of creating a land bank of 1 lakh acres in the State for this purpose. Final notification has been issued for the acquisition of nearly 50,000 acres of land, and another 50,000 acres are being identified, he said.

The Government has taken all the concerns of farmers into consideration while initiating the process of acquisition, and there will not be forced acquisition of land. “It will be a consent-based acquisition,” he said.

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