The Karnataka Government is planning to establish a Global financial district near Devanahalli, Minister for Large and Medium Industries Murugesh R. Nirani said here on Wednesday.

Providing a progress report for the Global Investors' Meet, which is to be held in Bangalore on June 3 and 4, Mr. Nirani said more than a dozen public sector banks have evinced interest in participating in the project.

“The district will provide specialised services for banks, insurance companies, stock exchanges and others players in the financial services sector,” Mr. Nirani added. The project, with an investment of about Rs. 1,000 crore, would require about 150 acres of land. He said a residential township for the district was also being planned. The project, he said, would be promoted by a consortium. However, he said more details about the project would be available only later.

The Government had also floated Expressions of Interest (EoI) from private companies for the development of seven industrial estates in the State. “The response has been very good, shown by the fact that at least three parties have shown interest in each of the seven estates,' Mr. Nirani said. The Government was also planning to invite EoIs for 12 more estates.

Mr. Nirani said the Government was planning “integrated residential townships” in and around industrial areas, exclusively meant for people working in the estates. “This would reduce congestion in urban areas,” he said.

Mr. Nirani said notifications for land acquisition had been issued for 54,000 acres in the State. The Government had identified 38,000 acres for acquisition, he added.

V.P. Baligar, Principal Secretary, Industry and Commerce Department, said the Government had cleared 72 projects involving investment amounting to Rs. 2.32 lakh crore during the calendar year. He said it had received 20 more applications since the last meeting of the high-level clearance committee on March 29. Apart from these proposals, private industry also has the opportunity of investing in about 100 infrastructure projects, which require investments amounting to about Rs. 1 lakh crore, Mr. Baligar said.

Aroon Raman, chairman, Karnataka chapter of the Confederation of Indian Industry (CII), said response to the roadshows organised by the Government and its private sector partners — CII and the Federation of Indian Chambers of Commerce and Industry (FICCI) — had been very good. He said while Bangalore had always acted as a “strong magnet” because of its status as a knowledge hub, private industry was now “interested in the Government's efforts to open up the rest of the State”.

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