Bangalore, Nov 29: As many as 28 project proposals await high level committee’s nod. Recession seems to be no dampener for India Inc. For, if the line-up of investment proposals knocking on Karnataka doors is any indicator, corporate India seems to have been resilient to stave off any after-effects of recession and is well on track for expansion as also new investments.
Highly placed official sources told Deccan Herald that nearly Rs 69,000 crore investment from as many as 28 project proposals is now awaiting the State High Level Clearance Committee (SHLCC).
Sources said, these projects are over and above the Rs 30,000 crore plus investments proposed by ArcelorMittal.
They pointed out that besides a captive gas-based power project, the Mittals have also promised investments of another Rs 15,000 crore to Rs 20,000 crore for expansion of their project by 2 to 3 metric tonne per annum, once their proposed project gets underway.
Posco defers proposal
In this regard, they said, South Korean major Posco, which too was scouting for alternative site and had zeroed in on Karnataka, has now temporarily deferred their plans to February. They pointed out this development could be in the light of the Mittals’ proposed foray into Karnataka and they would like to wait and watch how this spans out before taking a call on the viability. Sources said nearly as many as 10 cement projects worth investments of Rs 55,000 crore have been vetted by the screening committee. Likewise, they said, among them are ACC with a Rs 3,500 crore proposal, Grasim with Rs 3,500 crore naming a few.
Incidentally, confirming State government’s claims that Surya Roshni Limited’s subsidiary Surya Global Steel & Gen Power was looking at Karnataka, Surya Roshni Limited Deputy Managing Director (Project & Corporate Management) Vineet Garg, in a letter to Deccan Herald, stated the company has indeed proposed an integrated steel plant in Karnataka, following an informal meeting with Chief Minister B S Yeddyurappa.
Garg said once the State government clears their proposal, the company would thereafter undertake feasibility report and appropriate investments would be made after due approval from the company’s board. Among proposals placed before the screening committee includes the Rs 7,440 crore Surya Global project, Rs 250 crore PET jar project, Rs 450 crore IT & ITeS project by Wipro Ltd, Rs 450 crore aerospace project, Rs 250 crore sugar project, Rs 4,500 crore rectified spirits and alcohol project by Zuari Fertilisers & Chemicals Ltd, Rs 90 crore biscuit project by Kolkata-based company, logistic support proposal of Rs 700 crore, sources said.
These proposals would be shortly placed before the SHLCC for formal clearance sources said, following which companies would go in for detailed project reports among other formalities before final roll outs of implementation milestones.