Investment proposals worth Rs 5,00,000 crore were signed on the Day 1 of GIM,industries minister Murugesh Nirani said but didn't issue a full list of MoUs signed.These are in sectors like aerospace,petrochemicals,cement,steel,IT parks,auto components,power,gems and jewellery,and wind and solar energy.The Tata Group is the single largest investor with Rs 56,000 crore across ten sectors.
Most investments this time are expected to come to North Karnataka,"Nirani said.That part is much less developed compared to the rest of the state.
The first edition of GIM saw investment proposals of Rs 3.92 lakh crore.The government says 62% have materialized.Responding to N R Narayana Murthy's comment on the importance of diversifying beyond the IT sector and moving beyond Bangalore,Nirani said future investments in IT and aerospace would be in tier 2 towns.
The proposed high-speed rail project,he said,would be funded by the World Bank.The state government will float an expression of interest to acquire land for the project.The government has initiated talks with Japan External Trade Organization and Japan International Construction Company to assist them to prepare a detailed project report to roll out the project.The train would connect Bangalore and Belgaum via Tumkur and Chitradurga along NH4.
Patel Realty Signs MOU with the Government of Karnataka for INR 2,025 Crore Investments to Develop a Further 145 Acres in the State
Patel Engineering Ltd today signed a memorandum of understanding (MoU) with the Government of Karnataka to develop 145 acres of land in addition to their existing 103 acres of ongoing development, Neotown-Bengaluru south in Bengaluru, with an investment of INR 2,025 crore, at the Global Investors Meet (GIM) 2012 at Bengaluru. The Government of Karnataka has signed the MoU to facilitate the necessary permissions, registrations, approvals, clearances from concerned public departments as per the existing rules and regulations, to support Patel’s development plans in the state.
“We are given to understand that this will constitute one of the largest investments across industry categories in Karnataka. We chose Karnataka due to its high economic growth potential which makes it one of the most significant states for us to focus on in India. In a city like Bengaluru, there is need for community living in Integrated Townships, where people can live, work, play, shop, and socialise all within an organised and serene environment. Our endeavour is to be able to provide an integrated township with all this and more. Neotown, located in Electronic City, has a very high potential for development in the coming years, with tremendous prospects for employment to the people. Moreover, due to the elevated expressway, Neotown is only 12 minutes from Koramangala, which provides easy and traffic free access to downtown Bengaluru from Neotown. This gives us the opportunity to offer people a relaxed social and professional lifestyle, with all the comforts and no compromise on quality in Electronic City,” said Mr. Pravin Malkani, Managing Director, Patel Realty.
This investment is in line with Patel’s strategic intent to acquire, develop and program real estate assets across major cities in India, where real estate demands have witnessed a sharp increase due to lifestyle changes amongst all age and socio-economic groups.
Malkani added, “Patel Realty has always set new benchmarks in the real estate industry in terms of service, quality, innovation and affordability, thereby creating value for customers, investors, vendors and employees. Some of our popular innovations include Smondos (smart condominiums) that set a new standard for studio apartment, and Neotowns that are self-sufficient townships catering to a family’s complete lifestyle needs such as healthcare, entertainment, shopping, commercial areas etc. We build complete homes and communities, not just houses.”
Patel Realty’s township, Neotown – Bengaluru South, is a well-established, integrated, self-sustained township that is part residential and part commercial including IT Park and a sprawling mall in the heart of Electronic City. Patel Realty has been progressing fast with developing the infrastructure on time, having delivered the first phase of this project ahead of schedule. With the new investment, Patel Realty’s land bank in Bengaluru will have a potential to be up to 248 acres, thus promising ambitious growth for this township, comprising a town centre, business and hospitality precincts. Neotown has over 2000 residential units in various advanced stages of development, and has witnessed a healthy sale and appreciation in price which has prompted people moving in from Bengaluru.
A well planned and integrated township of such mammoth scope in Electronic City will open up avenues for people to have a refined and leisurely lifestyle in an employment-rich high-tech zone, thus making this a preferred location for work and living.
With a total current land bank of approximately 1,243 acres spread across Mumbai, Bengaluru, Hyderabad, and Chennai, Patel Realty is today among the top 10 real estate firms in India.
The structure i360 proposed by an NRI in GIM-2012 promises a 360 degree view of the entire city.
Suggested by NRI Neeraj Patil, the structure will rise to a height of 140 metres.
“I want the people to be able to have a bird’s eye view of Bangalore. It has the potential to become a major attraction for visitors and locals alike,” Patil told Express.
The idea of i360 was pitched to Chief Minister D V Sadananda Gowda at GIM on Thursday. Patil said that the CM seemed keen on the idea of having a structure like this in the city. “The CM has given us a single point of liaison to take the plan forward. Now we can start identifying lands and other things for the purpose,” he added.
The tower will be built by David Marks, who is also the brain behind the famous London Eye, which is a giant ferris wheel like structure in London.
Speaking to Express, Marks said, “We have tested a similar structure in Brighton which is ready to be put into operation. The team building the Bangalore i360, in case it is approved, will be the same one that worked on the London Eye.” He added that the structure would have a 20 metre base.
“Considering the wind conditions in the city, we should be able to go up to a minimum height of 140 metres,” he added. The tower will occupy the space of a tennis court, according to Dr Patil.
He added that the project would require lands in central Bangalore and close to transport centres.
The people behind the project would now approach the tourism department to conduct a study related to the city and discuss the sponsorship for the project.
The state government’s ambitious plan to set up a gas-based power project at Bidadi to the meet IT city’s electricity demand is likely to come true.
The state government on Thursday at the ongoing Global Investors Meet(GIM) signed an agreement with the US company Composite Global Energy Limited (CGEL) to facilitate the supply of gas to Bidadi and Tadadi power plants. The state government was forced to put these projects on the back burner after the Union government expressed its inability to allocate gas owing to scarcity.
“As per the agreement, the CGEL would supply gas for 20 years on a spot purchase basis,” said Energy and Civil Supplies Minister Shobha Karandlaje. However, Bidadi plant’s capacity was reduced to 700 from 1400 MW due to cost factor.
“Since we have to procure gas at the prevailing market price, it would burden the state’s exchequer. So we have decided to set up it in two phases,” Karandlaje added. However, the Tadadi plant, would generate 600 MW.