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The Karnataka government has marked out Vasanthanarasapura in Tumakuru district for being developed into a major industrial hub as part of the Chennai-Bengaluru industrial corridor project, which will see an investment of ₹50,000 crore.
“The proposed investment of the Tumakuru node will also have the potential to create more than 2 lakh jobs,” Gaurav Gupta, Principal Secretary, Department of Industries and Commerce, said on Friday at an event here.
The Karnataka government will allot land free of cost to the special purpose vehicle (SPV) that will be set up to create, develop, and manage the Tumakuru node. As per the regulations, the State government will contribute 50 per cent of the investment in the form of land, and the Central government will match the contribution in the form of a grant to develop infrastructure, up to a maximum of ₹3,000 crore.
Agreements signed
The Karnataka government and the Centre have signed the shareholders’ agreement, the State support agreement and for the SPV to develop the industrial hub.
“Two major things that come to my mind is economy and employment. In both the areas Karnataka has done extremely well but we have to take it forward towards the international competitive world,” said G Parameshwara, Deputy Chief Minister.
He added that “Right from my childhood I’ve seen everyone in my home town looking up to Bengaluru for every small thing; more than 30,000 people travel everyday from Tumakuru to Bengaluru. Hence, I would request the Industry Minister to extend the Metro service and plan an elevated rail/road connectivity. With that connectivity, the industrial hub will be successful.”
The government has identified 9,629 acres in Vasanthanarasapura for the development of the node. Adequate compensation has already been paid to the owners of up to 1,722 acres and the land has been acquired. A preliminary notification has been issued for another 7,900 acres.
“When it comes to industries and manufacturing, Karnataka has always taken the lead. I am confident that the new industrial corridor and the Tumakuru node will be one more feather in our cap,” said KJ George, Minister for Large and Medium Industries.
The Chennai-Bengaluru Industrial Corridor (CBIC) is one of the five special economic and industrial corridors envisioned by the Centre in a bid to boost manufacturing and industrial growth, and to create jobs.
It will link Bengaluru and Chennai, measuring a total distance of 560 km.
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