Karnataka okays projects worth Rs 1.38 lakh cr

BJP-ruled Karnataka has cleared projects worth Rs 1.38 lakh crore, including two investments totalling Rs 62,300 crore from steel giants ArcelorMittal and Posco, chief minister YS Yeddyurappa said. Investment across various sectors, including gas pipeline project of Reliance Industries, and fertiliser, was cleared by a high-level state clearance committee headed by the chief minister on January 5. Rolling out a red carpet to steel magnet L N Mittal, CEO and chairman of ArcelorMittal, Yeddyurappa said the state government would give all regulatory clearance within 90 days of the signing the MoUs. The projects cleared include Zuari Fertilisers' urea plant at Belgaum with an investment of Rs 4,565 crore. Two gas pipeline projects included Gail for laying the pipeline from Dhabol to Belgaum and Bangalore. Global oil leader Shell will also invest Rs 1,376 crore in setting up its R&D centre in Bangalore. The world's number one cement maker Lafarge would invest Rs 1,500 crore. "I am very happy to note that despite recession, leading industries of the world have come forward to invest in the state... this shows that Karnataka remains a preferred destination for investors in India," Yeddyurappa said after his meeting with Mittal here. The state government would be organising global investors' meet in June in Bangalore where ArcelorMittal head would be the chief guest. The chief minister said that the state has attracted an investment of Rs 3.59 lakh crore in the last 18 months of the BJP rule against Rs 3.23 crore during the previous three years from 2005-08. Yeddyurappa said his government has cleared as many as 38 projects with an investment of Rs 1.38 lakh crore with an employment generation capacity to over 92,000 people. South Korea's Posco has also come forward to set up a mega steel plant with an investment of Rs 32,300 crore in the state, he said, adding oil company Shell is also keen on setting up its research and development centre with an investment of Rs 1,376 crore. Two gas pipe line projects by Reliance and GAIL for gas pipe line between Chennai-Bangalore-Managalore and Dabhol-Belgaum-Bangalore and Rs 1,500 crore cement project Lafarge have been cleared. Wipro and Tata Elixi have decided to expand their facilities near Bangalore International Airport and Zouri Fertilizers and Chemicals will set up a Rs 4,565 crore urea plant at Belgaum, the chief minister said.