Karnataka government’s plan to set up a global financial district in Devanahalli has met with enthusiasm from the banking and finance community in the preliminary meeting. The district is being envisioned as a hub for financial institutions to cater to industrial banking and finance.
The government had identified 200 acres of land near Bangalore International Airport at Devanahalli for the proposed district.
At a preliminary discussion organised by the government last week, senior officials from 45 banks, insurance companies and mutual funds attended and expressed their willingness to set up their offices there, Nirani told reporters.
He said the global financial district would enable industries to access finance for their projects in the state at one place as all the banks and financial institutions would be available.
With big ticket investments from companies like Arcelor Mittal, Hero Honda and Wipro expected to come into the state in the next couple of years, the Karnataka Industrial Area Development Board (KIADB) is looking to acquire around 50,000 acres to be allotted for industrial purpose. Of this, around 12,000 acres has already been acquired, he said.
“Depending on the area, we are acquiring land at prices ranging from Rs 5 lakh to Rs 1.5 crore per acre,” said Nirani. He added around 5,000 acres of the 50,000 acres the state is looking to acquire could fall under the fertile land category which could be de-notified.
“If more than 20 per cent of a piece of land is found to be fertile, we will go ahead and acquire the land (for industrial purpose) only if we get approval of over 80 per cent of farmers,” said Nirani.
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