Karnataka clears investment proposals worth Rs 8,622 crore

BANGALORE: The Karnataka government on Thursday cleared investment proposals worth over Rs 8,662 crore which includes the plans of Honda Motorcycle India plans for a manufacturing unit in the State.

Karnataka Industries Minister Murugesh Nirani said Honda Motorcycles and Scooter India would be investing Rs 1,350 crore in Narsapur Industrial area of Kolar district of the State.

The groundbreaking ceremony is likely next month with commercial production expected to commence from April 2013.

Besides, Honda Motorcycles the other significant investments include Britannia Industries plans to set up a greenfield biscuits & bakery products manufacturing unit and R&D centre with an investment of Rs 100 crore on the outskirts of Bangalore.

The investment proposals cleared by the Karnataka government spread across the sectors of automobiles, iron & steel, sugar, chemicals etc.

Nirani said that these proposals have the potential to generate employment for around 23,000 people.

On the investment proposals cleared by the State government during and after the Global Investors Meet held in June, 2010 amounting to Rs 5.25 lakh crore, minister claimed that 20 projects were implemented with an investment of Rs 1750 crore.

Two hundred and thirty five projects with an investment potential of Rs 2.95 lakh crore are under various stages of implementation.