The Karnataka government plans to soon introduce the Infrastructure Bill which will provide for creation of Karnataka Viability Gap Fund to the tune of Rs 500 crore to aid projects.
Addressing industry captains at an interactive session organised by Bangalore Chamber of Industry and Commerce, Industries Minister Murgesh Nirani said the Bill would provide the much needed boost to infrastructure projects.
On the upcoming Global Investors Meet (GIM) from June 6 to June 8, Mr Nirani said over 10,000 business delegates comprising those from top management would have the opportunity to interact and network with business leaders and policy makers.
He said the state has initiated a unique Land Bank in which about 1.19 lakh-acres of land suitable for industries has been identified. The Karnataka Industrial Area Development Board (KIADB) has already initiated acquisition of most of this land and is also ready to offer it to investors, he said.
Land Banks and Industrial Parks are being established at cities like Dharwad, Mysore, Mangalore and Gulbarga to attract industry to these places with financial incentives, he said.
Referring to last edition of GIM 2010, Mr Nirani said that nearly 36 units have already started production, another 36 are in the progressive stage and 250 units are in the pipeline.
"The gestation period for each company varies, depending on various factors, including the business they are in," he said.