Karnataka raises Rs 1,000crore for IT investment

By Accommodation Times News Service

The Karnataka government is planning to raise loan of Rs 1,000crore to acquire land for the Information Technology Investment Region project. The project is to come up near the KempeGowda International Airport.

Karnataka IT/BT minister SR Patil told the Legislative Assembly that a notification had been issued to acquire 2,072 acres for the project for which the Karnataka Industrial Areas Development Board (KIADB) is raising the funds. ITIR is to be spread over a 40 sq km area with plans for the acquisition of a total 10,500 acres in the Devanahalli and Doddaballapur talukas. The project is proposed to be taken up in two phases – from 2012 to 2020, and from 2020 to 2032.

Once the acquisition process gathers pace, the government intends to develop the remaining 7,500-plus acres needed for the mega project in association with private parties and develop it through developers,” Patil said in response to a question from Jagadeesh Kumar R of BJP who raised the issue during question hour.

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