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Bangalore Chamber of Industry and Commerce (BCIC) has welcomed the Karnataka Government’s move to offer KIADB land on 99-year lease.
The State government’s move will promote rapid industrialisation of the State, said AN Chandramouli, President, BCIC.
“We welcome the move,” he said. “This will prevent flight of investment of MNCs from Karnataka and it is a timely action initiated by the government based on BCIC’s numerous representations.”
The chamber feels that the extension of lease period from 30 years to 99 years is a great fillip to the industry and that should facilitate more foreign investments in the State.
The 99-year lease period is long enough to practically confer ownership on the industry, he said.
Anuj Sharma , Senior Vice-President, BCIC, said: “Investors are by and large happy with land allotted by KIADB as it comes with necessary infrastructures such as roads, power, water, drainage and connectivity which helps in faster implementation of greenfield projects.”
He felt that the land allotment procedures should be more transparent and swifter.
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