Bangalore, Nov. 11
A 1,000-acre aerospace ‘park’ will be developed near the international airport at Devanahalli and land has been acquired by the State agency Karnataka Industrial Areas Development Board, according to a senior government official here.
The area will include aviation MRO-related activities (maintenance, repair, overhaul) and 250 acres of an export-oriented aerospace SEZ.
There is a lot of demand by Indian and overseas aviation companies for taking up land there and the park should get developed in two years, according to Mr K.S. Shivaswamy, Managing Director of the industries facilitation cell, Karnataka Udyog Mitra. The SEZ proposal awaits the Commerce Ministry’s approval.
In a presentation to a first trade development mission of US aerospace suppliers, he said the domestic aerospace industry was projected to touch $100 billion in five years, growing at 25 per cent a year. Aircraft companies were pushing up their sales while defence purchases and their offset businesses would boost the growth further.
The US team is headed by Ms Karen Zens, Deputy Assistant Secretary, Office of International Operations, US Department of Commerce.
The team has 11 US SMEs which met SMEs from Karnataka, and will next visit Hyderabad. The Indo-American Chamber of Commerce (IACC) is hosting the visit.
The IACC Chairman, Karnataka, Mr Raj Rajkumar, said, “The aerospace sector is the next big thing that can further boost the economic development.”
Mr Shivaswamy said this was the right time for international companies to invest in this sector.
The Karnataka Global Investors Meet planned for May-June 2010 would be an ideal platform to explore business and partnerships, he added.