Chennai-based MARG Ltd has signed an Memorandum of Understanding with the Karnataka giovernment to develop and operate various projects and services in agriculture and rural infrastructure, and agri-industry domains in Karnataka. The projects will attract investments to the tune of Rs 4,000 crore over the next 5-7 years.
The Memorandum of Understanding was exchanged with Additional Chief Secretary Subir Hari Singh in presence of Chief Minister of
Karnataka D V Sadananda Gowda on the on the occasion of Global Agribusiness and Food Processing Summit-2011 being held under Bounteous Karnataka.
The key development areas, facilities and services include setting up an Agri Business Investment Region (ABIR) at Belgaum/Mysore, knowledge hubs (KHs)/Agri-Innovation Clusters at Mysore/ Belgaum, agri-port with related backup area development in Uttar Kannad district and others.
As per the Memorandum of Understanding, MARG intends to commence commercial production as per implementation and investment plan and will provide employment to local people as per the Karnataka Industrial Policy 2009-14.
It will also promote local vendors for procurement of components and raw materials wherever possible.
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The state Government will endeavor to provide the required infrastructure facilities such as land, water, pipeline, roads, power etc. at prevailing rates and as per prevailing government policy on completion of the approval formalities.
GRK Reddy, chairman & managing director, MARG Group, said, “We would strive to improve the agriculture and rural infrastructure facilities, and urban amenities in the rural areas in Karnataka.”
MARG has previously signed a Memorandum of Understanding for developing airport projects in Bellary and Bijapur under a Public Private Partnership with Karnataka.
The projects include terminal buildings, runways, control towers and access facilities cum utilities.
Development of facilities, amenities and other infrastructure like an aviation academy, exhibition / convention centre, business parks, shopping mall, flying club, theme / entertainment parks which would address the needs of the local population and tourists is also being planned.