Karnataka Government today accorded permission to Bangalore City Corporation to borrow Rs 1,000 Crore loan from banks and financial institutions in the wake of it facing financial crunch. The state cabinet approved the proposal Bruhat Bangalore Mahanagara Palike (BBMP) for permission to raise Rs 1,000 Crore loan to fund infrastructure projects in the city during 2012-13, Minister for Primary and Secondary Education Vishweshwara Hegde Kageri told reporters here.
The BBMP has already pledged the high rise Utility Building for Rs 1,000 Crore loan, a measure that has come under flak by opposition parties. The Corporation recently presented a budget of Rs 9,500 Crore and has been pleading the state government for financial assistance.
In the wake of criticism over permitting development of 13 horticultural farms in PPP (Public-Private-Participation), the cabinet today decided to cancel it and now go in for Joint Venture to develop all the 410 farms which have 15,732 acres of land. A special purpose vehicle– Karnataka State Horticulture Development Agency– will soon be created for the purpose.
