Karnataka government expects an investment of about $6-7 billion during next four to five years in aerospace sector that is coming up around Devanahalli International Airport.
"Let me make it very clear in the next 4 to 5 years we are expecting an investment of about USD 6 to 7 billion in the aerospace sector that is coming around International Airport. This will be the first aerospace park in the country," Principal Secretary - Commerce and Industry Government of Karnataka MN Vidyashankar said.
Karnataka was the first state to announce the aerospace policy in the country, he said at an event of Federation of Karnataka Chambers of Commerce and Industry. He also said that state is taking steps to meet the requirements of water and power in this area.
"Devanahalli area is coming out to be a major hub for knowledge based industries, as water is an issue in this area we are taking around 60 million liters of tertiary treated water. There is IT investment region, Software Park and Aerospace Park coming up in the region."
Illustrating on the other major investment projects coming up in the state Vidyashankar said Kolar and surrounding region is being developed as auto and auto auxiliary hub. "As Kolar is a dry area we will be supplying 60 million liters of tertiary treated water by drawing waste water from a place called Bellendur in Bangalore," he said.
According to Vidyashankar, the plan is to spread manufacturing plants across north and central Karnataka and depute knowledge based industries in and around Bangalore.
In the north Karnataka region there is a large engine making plant coming up in Kittur, being developed by an automobile giant with an investment of 10,000 crore, he said. "In addition to engine making plant there will be about 45 to 50 vendors coming up around the same place to supply spare parts for them. So we are expecting an investment of around 15 - 20 thousand crores in the next two to three years time around Belgaum, Hubli and Dharwad region," he added.
There is also a proposal from a large oil company to set up India's biggest refinery in Mangalore who are in requirement of 2,000 acre area, with an intention to investment 36,000 crore and generate 13-14 thousand employment opportunity. "The issue is about environment clearances considering Mangalore being a coastal area, talks are on to look at other alternatives as well," he said.
He added that there is also a proposal to set up leather cluster in Kanakapura region. Stating that there are investment enquiries from several foreign countries he said "Taiwan is looking for an investment in hardware sector in partnership with local companies, Israel is looking at R&D in aerospace sector."
Mayor of San Francisco will be in Bangalore with his delegation of investors by the end of this year, with key are of interest being investment in R&D sector, software sector, startup segment, he added.
Vidyashankar said as part of 2013-14 budget, government has come up with three major initiatives one being separate allocation for promoting R&D, secondly a major venture capital initiative in manufacturing sector and last one being cross border entrepreneurship to support startups.
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