The State High Level Clearance Committee (SHLCC), a committee chaired by chief minister B S Yeddyurappa that clears investment proposals, today accorded in-principle approval to 34 industrial investment proposals.
Briefing reporters after the meeting, minister for large and medium industries Murugesh R Nirani said the government would sign a memorandum of understanding with the project proponents during the Global Investors’ Meet to be held on June 3 and 4 in Bangalore.
Nirani said these projects will involve an investment of Rs 94,300 crore. Once commissioned these projects would create employment for 98,300 persons.
Of the 34 projects, nine projects with a combined investment of Rs 74,156 crore are in the iron and steel sector, four in the energy sector with an investment of Rs 10,635 crore, four cement units at Rs 5,121 crore and Rs 1,000 crore in solar power sector. One project each in logistics, IT/TeS and BPO sectors were approved. Two projects involving an investment of Rs 207 crore were cleared in the agriculture sector.
Among the projects cleared today include a proposal by Industrial Finance Corporation of India Limited (IFCI) to set up a “financial city” near Devanahalli Industrial Area near Bangalore at an investment of Rs 1,000 crore. Just Dial, a search engine, has proposed to set up an ITTeS BPO and Software Development Centre at Devanahalli at an investment of Rs 450 crore. Moser Baer, a maker of solar PV cells, has proposed to invest Rs 1,000 crore to set up a 50 Mw solar photovoltaic power project in Chikkaballapur district.
Other projects include MNC companies, Easun Reyrole for electrical switchgears, StarragHeckert for aerospace components, Tokai Rubber Auto Parts for automotive components and Fowlerwestrup India for agriculture products processing machineries.
Surya Roshini has proposed to set up CFL bulbs, energy efficient tube light and LED lamps units and GI Pipes and Steel ERW black pipes manufacturing unit in Shimoga. Gujarat Ambuja Exports Limited will be setting up maize starch plant in Shiggaon taluk of Haveri district at an investment of Rs 100 crore.
“With today’s proposals we are confident that the global investors’ meet being organised in June 2010 will be a success,” Nirani said.