Industry & Economy
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Foods & Food Processing
Karnataka floats SPV to promote six food parks
Abhrajit Gangopadhyay
Bangalore
,
Sept. 2
THE Karnataka Government has promoted a special purpose vehicle, Food Karnataka Ltd (FKL), to attract private investments towards six proposed food parks across the State.
The new entity has been vested with the responsibility of facilitating and developing these food parks, each with a proposed investment of Rs 20 crore, officials have said.
The State government and the Centre will each chip in with Rs 4 crore per project as "grant." The remaining Rs 12 crore has to be provided for the private player either through equity or debt. "A portion of the State government grant per project will be converted to equity to involve the State government in decision-making," the officials said.
The Karnataka State Industrial Investment Development Corp (KSIIDC) has signed pacts with private entrepreneurs to develop these six food parks.
The common infrastructure facilities in the parks will mark the completion of the first phase and is due to be ready by May. The second phase involves commercial marketing, where transnationals are likely to set up shop within the food parks, the officials said.
The chief objective of FKL is to promote private investments in agro-food technology parks, set up agro-export zones and showcase Karnataka as an "ideal" location for investors in food industry. The proposed agro-food parks will house cold storages, warehousing, dry and wet processing, freezing and aseptic packaging, distribution and supply infrastructure.
The proposed food parks are to be located at Malur in Kolar District, Bagalkot, Jewargi in Gulbarga, Hiriyur in Chitradurga, Maddur and Kangrali in Belgaum.
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