IFCI to invest Rs 1k cr in Bangalore project

BANGALORE: Industrial Finance Corporation of India ( IFCI) plans to invest Rs 1,000 crore to set up a base in the proposed global financial district near Devanahalli on city outskirts, Karnataka minister for large and medium industries Murugesh R Nirani said on Wednesday.

IFCI’s facility would come up on 50 acres of the total 150-acre district, where more than a dozen banks, including global ones, have evinced interest to set up operations, besides insurance firms, financial institutions and stock market operators, he told reporters in Bangalore.

The banks include the State Bank of India, Punjab National Bank and Bank of India, he said. Commerce and Industry secretary VP Baligar said for creating a land bank for industrialisation, the government has already notified nearly 54,000 acres of land while another 38,000 acres had been identified.

Mr Baligar said seven new industrial estates would be established in the state under public-private partnership model, and each of these had attracted three private bidders who responded by way of expression of interest.