Investments Proposed During Global Meet 2010 In Karnataka To Be Reviewed


Karnataka’s Minister for Large and Medium Industries, Mr Murgesh R. Nirani said about 62 per cent of the proposed investment during GIM 2010 have been implemented while the rest were in different stages of implementation.

The Karnataka Government will review the progress of investment proposals made during the Global Investors Meet (GIM), 2010, next month.

In the last three years, Rs 3 lakh crore has flown into the State, generating jobs for 4-5 lakh people.

Talking about the major steel projects committed during the GIM 2010, Mr. Nirani said land acquisition for Posco in Gadag district hit a road block when farmers in the region opposed it. Now, the Karnataka Government is planning to provide alternative land for setting up the plant. “A decision to this effect will be taken at the review meet,” he said.

“The ball is in Chief Minister’s court. He will discuss the issue with Posco officials and take a decision in this regard,” he added.

KIADB will soon acquire 3,382 acres at Halligudi in Gadag district. The Government, however, has not dropped its plans to set up the proposed Posco steel plant.

Mr Nirani said: “Denotification of land has yet to come in the Gazette.” He said a decision on providing alternative captive site for ArcelorMittal will be taken up next month.

ArcelorMittal had signed an agreement with the State Government during the GIM 2010 for setting up a six mtpa steel plant with a 750-MW captive power plant.

The firm, which has proposed to set up the plant at an investment of Rs 30,000 crore in Bellary district, had withdrawn the application seeking a lease for captive iron ore mining citing poor quality ore.