The State government is setting up a financial hub in an area of 150 acres in Devanahalli near Bangalore.This will serve as one centre for all financial activities.
As the location is close to Bengaluru International Airport, 45 banks have shown interest to have their offices in the hub. Industries Minister Murugesh Nirani, in Bangalore on Wednesday, said the project had been named the global financial district. Along with banks, insurance companies and chit fund firms would also open their corporate offices in the district. The project would include a township for the employees of the institutions in the district.
The government is yet to work out modalities to implement the project. As of now, a part of the land has been allotted for Corporation Bank. Similarly, other banks would be allotted land required for their offices.
India Infrastructure Finance Corporation has come forward to set up the hub in association with the banks that show interest in investing on the project. Head of the corporation recently met officers of Industries and Commerce in Bangalore.
IFCI Infrastructure Development Limited
Proposed investment -Rs.997 crores.
Project Details–To establish a Financial City.
Location:Devanahalli Industrial Area, Near BIAL,
Employment Generation – 4,300.
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