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Old June 7th, 2012, 05:52 PM   #141
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Karnataka Global Investors' Meet Kicks Off

The second edition of the Global Investors' Meet (GIM 2012) got underway Thursday amid fanfare to promote the state as a premier investment destination in diverse sectors of the economy across the state.

Being held for the first time at the sprawling Bangalore International Exhibition Centre (BIEC) on the city's outskirts, the two-day biennial event attracted about 5,000 delegates from across the country and overseas.





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Old June 7th, 2012, 05:55 PM   #142
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Presence of doyens of the Indian industry and global majors and high-profile delegations from Japan, Mexico and Bavaria in Germany at the grand inaugural ceremony was a great relief to the state government, which has been pulling all stops to convince investors that Karnataka is one state with many opportunities to explore.

Among the captains of the industry who graced the occasion and spoke were Infosys chairman emeritus N.R. Narayana Murthy, Aditya Birla Group chairman Kumara Managalam Birla, Tata Steel vice-chairman B. Muthuraman, ONGC chairman Sudhir Vasudeva, Larsen & Toubro (L&T) chief executive K. Venkataramanan, JSW Group chairman Sajjan Jindal, and Bharat Forge chairman B.N. Kalyani.

From overseas, Japanese vice-minister of economy, trade and industry Keiro Kitagami, Bavaria's deputy prime minister Martin Zeil, General Electric (GE) India chief executive John Flannery and General Motors (GM) managing director Lowell Paddock were present.

The state government had set an ambitious target of attracting a whopping Rs.six trillion (Rs.6 lakh crore) investments as against Rs.3.92 trillion (Rs.3.92 lakh crore) investments committed in the first edition of GIM 2010, though in reality only Rs.1.27 trillion (Rs.1.27 lakh crore) materialised.

While Minister for Tourism Subodh Kant Sahai could make it to the event an hour behind schedule, the absence of other two central ministers -- M. Veerappa Moily (corporate affairs) and Virbhadra Singh (micro, small and medium enterprises) -- was conspicuous.

As part of the mega-event, the state government has also organised a three-day expo at the venue to showcase the state, its human and natural resources, pro-active industrial policies, investor-friendly incentives, land bank and infrastructure for attracting investments from global and domestic firms.



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Old June 7th, 2012, 06:23 PM   #143
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Yadgir is Karnataka's new business destination

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BANGALORE: Carved out of the erstwhile Gulbarga district, Yadgir, about 426 km from Bangalore has been witnessing an exodus of youth in search of employment over the last decade. But the second edition of Global Investors Meet (GIM) that took off on Thursday promises to reverse this trend sooner or later.

The most Backward Yadgir district is fast emerging as one of the most sought after 'business districts' in Karnataka, if one goes by the investment proposals mooted at the GIM.

The state government had set its sight on roping in Rs 6 lakh crore. Of these Yadgir is expecting investments between Rs 20,000 and Rs 30,000 crore -- highest to any district in Karnataka after Bangalore.

What led to the turn around? Karnataka Small scale industries minister Narsimha Naik (Raju Gouda), who hails from the region said there are two major factors that have encouraged investors to favour Yadgir. One, the government has declared huge tax incentives like investment subsidy, sales tax exemption, etc., for those who set up their investment in this district.

Secondly, he said Yadgir's environment was conducive for investment now. Its strategically located, 160 km from the River Krishna and the River Bhima also runs through the district but still land is largely not irrigated, and hence there is plenty of space for the setting up of large industries.

A senior industries official said the other reason why investors are eyeing Yadgit is because of cheap labour that are locally available. The district has been more or less left untouched by industrialization. Unemployment was rampant since agriculture was the only source of income. Therefore cement and automobile industries are opting to set up shops in the district,'' he added

According to government statistics, Yadgir has been classified as a 'C' category, industrially backward district. Between 2001 and 2012, a total of 11 small industries had been set up in the district entailing an investment of Rs 377 crore. Between 2010 and 2012, at least 41 new industrial units had proposed come up in the district at a cumulative investment between Rs 20,000 crore and Rs 30,000 crore

But some investors are still skeptical that Yadgir would emerge has potential investment destination. The ball is now in the court of the state government. It should focus on creating infrastructure for facilitating industrial climate in the backward districts of the State. No body will invest just for the sake of water and labour. There are other key factors like industrial amenities, connectivity and power,'' said N Pratap Reddy, a small scale industrialist, who is looking forward to invest in Yadgir.
source:http://timesofindia.indiatimes.com/c...w/13905286.cms
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Old June 8th, 2012, 03:04 AM   #144
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Any Japanese delegation came for this GIM; Any MOU's ?

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Old June 8th, 2012, 04:57 AM   #145
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Proposals worth 5L cr signed

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Investment proposals worth Rs 5,00,000 crore were signed on the Day 1 of GIM,industries minister Murugesh Nirani said but didn't issue a full list of MoUs signed.These are in sectors like aerospace,petrochemicals,cement,steel,IT parks,auto components,power,gems and jewellery,and wind and solar energy.The Tata Group is the single largest investor with Rs 56,000 crore across ten sectors.
Most investments this time are expected to come to North Karnataka,"Nirani said.That part is much less developed compared to the rest of the state.
The first edition of GIM saw investment proposals of Rs 3.92 lakh crore.The government says 62% have materialized.Responding to N R Narayana Murthy's comment on the importance of diversifying beyond the IT sector and moving beyond Bangalore,Nirani said future investments in IT and aerospace would be in tier 2 towns.
The proposed high-speed rail project,he said,would be funded by the World Bank.The state government will float an expression of interest to acquire land for the project.The government has initiated talks with Japan External Trade Organization and Japan International Construction Company to assist them to prepare a detailed project report to roll out the project.The train would connect Bangalore and Belgaum via Tumkur and Chitradurga along NH4.
http://lite.epaper.timesofindia.com/...=&publabel=TOI
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Old June 8th, 2012, 05:09 AM   #146
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Old June 8th, 2012, 05:18 AM   #147
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‘What single windows? It’s doors and ventilators’

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The founder and managing director of Jindal Alluminium, S.R. Jindal, who hit out at corruption and red tapism in government at the Global Investors Meet (GIM) – 2012 , explained where his anger stemmed from in a chat with Deccan Chronicle. Excerpts…

What led you to make this attack on the government?
KIADB has acquired about 70 acres of land for Jindal Alluminium at Dobbspet. Although it should have been alloted to us six months ago, there's no sign of it and the authorities claim the farmers are not parting with it. Despite running from pillar to post we still have no land for our project. The officers only demand illegitimate favours and want us to grease their palms.

Why do you think the farmers are not parting with their land?
The governemnt has fixed Rs 45 lakh for the land abutting the road and Rs 35 lakh for the land located in the interior. But this is not adequate and the farmers’ demand is reasonable. We are ready to pay them proper compensation. There is scope for negotiation, but the government gets high-handed with the support of the police.

Why do you say that the single window agency is ineffective?

I can prove it is. The single window concept was formulated to give clearances in one go and attract entrepreneurs. But in reality it has several doors and ventilators. We still need to run around for 12 clearances from 12 different agencies like pollution control board, gram pachayat, labour inspectorate and so on. When appearing before the high power committee headed by the chief minister, these authoritiesl nod their heads, but later, when we go to them for clearance they raise hundreds of questions. We request the government to remove these hurdles to attract investors.
http://www.deccanchronicle.com/chann...s%E2%80%99-591
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Old June 8th, 2012, 05:22 AM   #148
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GIM: Crores coming in

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Making an all out bid to whet investor interest in the state, Chief Minister, D. V. Sadananda Gowda assured industry bigwigs at the Global Investors’ Meet (GIM-2012) , which kicked off in the city on Thursday, that the state government would increase its expenditure on infrastructure from 3.2 per cent of the Gross State Domestic Product to 8-9 per cent during the 12th Five Year plan, beginning 2012-13.

Delivering his presidential speech at the event which could translate into mega bucks for Karnataka, Mr Gowda acknowledged that the task of building infrastructure was enormous and required annual investments of Rs 30,000 crore during the next decade. “The state will develop a bouquet of projects to meet this infrastructure gap,” he promised, answering the unspoken questions of industrialists looking for facilities to set up base in the state. Drawing attention to tier-2 and tier-3 cities, he said the state government had provided separate budgetary allocations for improving their roads, bridges, and drainage and waste management systems to ensure their development.

In an obvious attempt to set at rest fears over land acquisition problems dogging investors in Karnataka, he said the state was now not only building a land bank near Devanahalli but had also begun a voluntary land bank scheme with a database of land owners interested in selling their properties. "The government is committed to playing the role of a catalyst and a facilitator to maintain the state’s position as India’s most preferred destination for investments," he declared, also dwelling on the government's attempts to promote Karnataka as an R&D hub of the country.

“We propose to establish a technology, innovation and research center in Muddenhalli in Chikkaballpur, the birthplace of Sir M. Visveswaraiah, which will be modleled on the Industrial Technology Research Institute in Taiwan,” he disclosed.
http://www.deccanchronicle.com/chann...res-coming-594
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Old June 8th, 2012, 05:38 AM   #149
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Old June 8th, 2012, 06:45 AM   #150
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Originally Posted by karkal View Post
Any Japanese delegation came for this GIM; Any MOU's ?
Today they might sign few infra projects deal,like shiradi tunnel,hi speed rail- chennai-mysore
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Old June 8th, 2012, 06:48 AM   #151
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Originally Posted by engineer.akash View Post
Today they might sign few infra projects deal,like shiradi tunnel,hi speed rail- chennai-mysore
even pharma MOU's are likely today along with 6 new proposed SIR

Last edited by avinash2060; June 8th, 2012 at 06:56 AM.
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Old June 8th, 2012, 06:56 AM   #152
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Old June 8th, 2012, 06:56 AM   #153
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Originally Posted by avinash2060 View Post
even pharma MOU's are likely today along with 6 new proposed airports
i just want to know the 12,000 cr SMES investment in my city Mysore that is going to happen today. And also keen on following infra PPP projects
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Old June 8th, 2012, 07:29 AM   #154
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Live Streaming on GIM

http://wstream.net/advantagekarnataka/Hall2/webcast.asp
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Old June 8th, 2012, 08:05 AM   #155
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Japanese prefer Chennai to B’lore

Japan businessmen prefer Chennai and Ahmedabad over Bangalore for investment. Lack of good roads and non-availability of land are the two major reasons for the Japanese to look for better destinations.

Quote:
These were the words of Kazumasa Kuboki, senior advisor, Japan External Trade Organisation, Bangalore, in his address at GIM II.

In an interaction with Deccan Herald at the venue, he said Bangalore was a ‘land locked’ city unlike Chennai and Mumbai, which have ports.

“In Bangalore, all major roads are narrow. The roads are not being widened. One solution is to go for peripheral roads, along with townships, so that roads within the city can be decongested,” he said.

Asked what were the problems faced by Japanese investors who would like to do business in Karnataka, Kuboki said projects did not see progress because of the unavailability of land.

“The government is facing a major problem in acquiring land for industrial purposes. Even the single window agency is not much of a help because land allotment, registration, applications for various clearances have to be secured after dealing with the single window agency.

Many of our investors prefer to go to Chennai, Ahmedabad or Mumbai. Yet, Japan has made investments in Karnataka. Toyota Kirloskar in Bidadi is planning to expand its manufacturing capacity,” he said.

To a query whether the political turmoil was also making investors wary of coming to Karnataka, Kuboki said, “Political climate is not a deterring factor”.

Earlier, at the session organised by representatives of Japanese firms, Hisashi Hosokawa, CEO of Green Arm Company Limited, told Deccan Herald that his firm had come forward to use the Japanese patented technology of HIR (Hot In Place Recycling) for rehabilitation, maintenance and extension of Bangalore’s Outer Ring Road.

The advantage of the system is that the carpeted road can take the traffic load within a few hours of the completion of work. There is no need to close the road for repair works.
“There are huge opportunities for this technology in Bangalore as you plan to expand and speed up repair work,” Hosokawa said.

HIR uses combined jet hot-air, heated to about 600 degrees Celsius in the diesel-fueled combustion chamber, which is milled, mixed with new asphalt mixture and recycled 100 per cent. “We will speak to the State government on the feasibility of using the technology for roads in Bangalore,” he said.
source:http://www.deccanherald.com/content/...nai-blore.html
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Old June 8th, 2012, 08:09 AM   #156
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Jindal brings govt down to earth

Company minces no words in listing bureaucratic hurdles investors face

One industrialist who did some plain speaking at the Global Investors Meet on Thursday was S R Jindal, the founder of Jindal Aluminium Limited.

Quote:
While many other investors had bouquets for the government, for creating an ‘investment-friendly’ environment, Jindal, a long time investor in the State, in his address at the inaugural session, said Karnataka was not investor friendly as it claimed to be.

He insinuated that the State-level single window clearance committee, which clears mega investment projects under the chairmanship of the chief minister, entailed a complicated process.

Suggesting that the government should bring about improvements in the system, Jindal said, “The government claims that the single window clearance system facilitates easy processes. But when an investor peeks into the system, he is exposed to many doors and windows.

The scenario will hopefully change, now that senior officer M N Vidyashankar has taken charge of the department. We are hoping that there will be no more bureaucratic hurdles,” he said.

He said the government had made exaggerated claims about the outcome of the previous GIM.

“Only four per cent of the projects of the Rs four lakh crore investments that the State attracted have materialised, while some more are in the pipeline,” he said.

However, Jindal did not lag behind in stressing the responsibilities of corporate firms. Many corporate firms are failing to discharge effective corporate social responsibility. Corporate firms should contribute at least five per cent of their profits mandatorily towards the welfare of the poor.

Later speaking to reporters, Jindal said corruption was rampant in Karnataka and that it had slipped to the bottom five states in industrial growth, which was preventing industries from coming up in the State.

"I have been doing business in Karnataka from 1968 and during the course have met many bureaucrats. Earlier, the bureaucrats were courteous and hospitable. But this has changed over time. The so-called single window system has many backdoors and ventilators and the industrialists are made to run from pillar to post.

He said the State High Powered Committee had approved 70 acres in Dobbespet for a project, but the land was yet to be allotted to Jindal by KIADB. He alleged that bureaucrats indirectly sought bribes and favours to further the process.

Reacting to the statements of the industrialist, Industries Minister Murugesh Nirani said,
"Our single window system is one of the best. There is scope for improvement to ensure that the processes are hassle free."

As if Jindal’s criticism was not enough, Baba Kalyani too subtly flayed the government’s attitude towards attracting investors and providing them proper infrastructure facilities. He said quick decisions should be made to ensure that the investors are not distracted. He said that the government should ensure implementation of the projects that have come on board as part of GIM.

Kris Gopalakrishnan of Infosys said the government should provide a stable environment for investors, apart from ensuring that they are involved in the decision-making process.
N R Narayan Murthy, chief mentor of Infosys, said creation of sustainable employment was the need of the hour. Currently, the country has four crore youngsters who are unemployed. The country needs to create at least 10 crore jobs in the next one decade
to facilitate GDP growth, he said.

For creating jobs, he said, focus should be on three areas: attracting investments, promoting exports and diversifying industrial base. As far as Karnataka is concerned, there is a clear need for diversifying the IT sector and going beyond Bangalore, he said.
But there were investors who showered praises for the “political and bureaucratic support” that they got in the State.

B Muthuraman, vice chairman, Tata Steel, said his company’s relationship with the State was long standing and that Karnataka was a “great place to invest”.

“We are on a major expansion mode in Karnataka, because we simply love being here. We have always received excellent cooperation,” he said.

Vikram Kirloskar, vice chairman, Toyota Kirloskar Motors, said the policies of the State government had stayed consistent over the last decade, despite the changes in the political scenario.

“The government has stuck to its incentives. It has not withdrawn anything, unlike other states. All of its commitments have been met,” he said.

Sudhir Vasudeva, CMD, ONGC, said Karnataka had a “conducive business environment”.
“I can vouch for investing in Karnataka,” he said, adding that the Mangalore Refinery and Petrochemicals Limited had become a profit-making refinery thanks to the supporting policies of the State government.




Quote hanger

There are two types of people in the world –– foxes and hedge-hogs. While the fox is a hunter, the hegde-hog is known to stick its head in the ground. I see people of Karnataka as foxes, because they seek and they create opportunities. With GIM, you are expanding your hunting ground. A successful Karnataka is good for Africa.

Williams Nkurunziza
High Commissioner Rwanda

The Foreign Direct Investment between Bavaria and India has developed in a dynamic way. In fact, India is one of our key trading partners in Asia. Karnataka has an enormous economic strength.

Martin Zeil
Deputy Prime Minister
Govt of Bavaria, Germany

Despite the distance, Mexico and India share a large number of similarities. As a result of which there has been productive political dialogue and fruitful economic development. Mexico and Karnataka too have many similarities. We are both aerospace hubs, apart from being known agro and food processing, and automative sectors. Due to our confidence in the Indian economy we have invested heavily in the country.

Jaime Nualart
Mexican Ambassador to India
source:http://www.deccanherald.com/content/...own-earth.html
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Old June 8th, 2012, 08:17 AM   #157
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Busy first day at GIM; proposals worth Rs. 5 lakh cr. announced



Quote:
Investment proposals in more than 400 projects, valued at more than Rs. 5 lakh crore, were announced at the end of the first day of the Global Investors Meet on Thursday. Leaders of several business conglomerates appreciated the industrial climate and reiterated their commitment to investment in the State.

Significantly, the steel and conventional power sectors, which enjoyed overwhelming domination at the last edition of the event organised by the former Chief Minister B.S. Yeddyurappa, only accounted for a small fraction of the investments. On the eve of the event, Minister of Large and Medium-Scale Industries Murugesh R. Nirani said the government expects investment proposals worth at least Rs. 6 lakh crore at GIM 2012.

Addressing the event, which was attended by delegates from across the world, N.R. Narayana Murthy, Chairman Emeritus, Infosys Ltd., urged industry and governments to “create quality employment”. “We need to create sustainable jobs for the 40 million unemployed youth in the country,” he said. “There is a need to diversify beyond Information Technology,” he said.

FACTORS STRESSED

He urged for a transparent policy regime, the need for creation of basic infrastructure using Public Private Partnership mode, the upgradation of educational infrastructure and the expansion of existing investments in the State.

Although Japan, Mexico and the State of Bavaria in Germany were listed as partner states to the event, barring the investment of Rs. 500 crore proposed by Toyota's joint venture, no other companies from these countries featured among the list of 25 Letters of Intent (LoI) for investments in projects that were announced at the inaugural session.

Describing the 2010 GIM as a “great success”, Chief Minister D.V. Sadananda Gowda said the government had been in “preparatory mode” for the current GIM for 20 months. He said sector-specific policies for aerospace, pharmaceuticals, automobiles, housing and solar power were on the anvil. He said projects approved by the State High Level Clearance Committee would be cleared within 24 hours.

Kumaramangalam Birla, Chairman, Aditya Birla Group, said Karnataka was “ahead of its peers because of its progressive policies”. He said his Group, which has already made a cumulative investment of Rs. 6,000 crore in the State has plans to invest Rs. 7,000 crore. The AB Group signed two LoIs at the event for a caustic soda plant and a cement plant, involving a total investment of over Rs. 6,500 crore.

BIG-TICKET PROPOSALS

Among the big-ticket proposals were those by the GVK Group — for a total investment of Rs. 29,000 crore in power projects. The Tata Group announced investments amounting to Rs. 26,000 crore across in nine sectors.

The Suzlon Group signed an Expression of Intereset (EoI) for Rs. 20,000 crore of investment in solar and wind power projects. Among large real estate projects were those by the Embassy Group (Rs. 14,370 crore); Ascendas' (Singapore) Rs. 10,400 crore in an integrated IT park adjacent to the ITPL in Bangalore; Rajesh Exports' investment of Rs. 11,986 crore in an integrated township; and the Tata Group's investment of Rs. 4,326 crore in an IT SEZ. The planned expansion of MRPL's facility in Mangalore, entailing an investment of Rs. 8,500 crore, was also included in the list of EoIs announced.

HAL PROPOSAL

An EoI with JSW Steel, for investments of Rs. 8,500 crore in its steel manufacturing facility, was also announced. Hindustan Aeronautics Ltd. also submitted a proposal for investment of Rs. 600 crore at a facility near the HAL airport.
source:http://www.thehindu.com/news/states/...cle3501924.ece
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Old June 8th, 2012, 08:29 AM   #158
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Patel Realty Signs MOU with the Government of Karnataka for INR 2,025 Crore Investments to Develop a Further 145 Acres in the State

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Patel Engineering Ltd today signed a memorandum of understanding (MoU) with the Government of Karnataka to develop 145 acres of land in addition to their existing 103 acres of ongoing development, Neotown-Bengaluru south in Bengaluru, with an investment of INR 2,025 crore, at the Global Investors Meet (GIM) 2012 at Bengaluru. The Government of Karnataka has signed the MoU to facilitate the necessary permissions, registrations, approvals, clearances from concerned public departments as per the existing rules and regulations, to support Patel’s development plans in the state.

“We are given to understand that this will constitute one of the largest investments across industry categories in Karnataka. We chose Karnataka due to its high economic growth potential which makes it one of the most significant states for us to focus on in India. In a city like Bengaluru, there is need for community living in Integrated Townships, where people can live, work, play, shop, and socialise all within an organised and serene environment. Our endeavour is to be able to provide an integrated township with all this and more. Neotown, located in Electronic City, has a very high potential for development in the coming years, with tremendous prospects for employment to the people. Moreover, due to the elevated expressway, Neotown is only 12 minutes from Koramangala, which provides easy and traffic free access to downtown Bengaluru from Neotown. This gives us the opportunity to offer people a relaxed social and professional lifestyle, with all the comforts and no compromise on quality in Electronic City,” said Mr. Pravin Malkani, Managing Director, Patel Realty.

This investment is in line with Patel’s strategic intent to acquire, develop and program real estate assets across major cities in India, where real estate demands have witnessed a sharp increase due to lifestyle changes amongst all age and socio-economic groups.

Malkani added, “Patel Realty has always set new benchmarks in the real estate industry in terms of service, quality, innovation and affordability, thereby creating value for customers, investors, vendors and employees. Some of our popular innovations include Smondos (smart condominiums) that set a new standard for studio apartment, and Neotowns that are self-sufficient townships catering to a family’s complete lifestyle needs such as healthcare, entertainment, shopping, commercial areas etc. We build complete homes and communities, not just houses.”

Patel Realty’s township, Neotown – Bengaluru South, is a well-established, integrated, self-sustained township that is part residential and part commercial including IT Park and a sprawling mall in the heart of Electronic City. Patel Realty has been progressing fast with developing the infrastructure on time, having delivered the first phase of this project ahead of schedule. With the new investment, Patel Realty’s land bank in Bengaluru will have a potential to be up to 248 acres, thus promising ambitious growth for this township, comprising a town centre, business and hospitality precincts. Neotown has over 2000 residential units in various advanced stages of development, and has witnessed a healthy sale and appreciation in price which has prompted people moving in from Bengaluru.

A well planned and integrated township of such mammoth scope in Electronic City will open up avenues for people to have a refined and leisurely lifestyle in an employment-rich high-tech zone, thus making this a preferred location for work and living.

With a total current land bank of approximately 1,243 acres spread across Mumbai, Bengaluru, Hyderabad, and Chennai, Patel Realty is today among the top 10 real estate firms in India.
http://www.businesswireindia.com/Pre...sp?b2mid=31516
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Old June 8th, 2012, 08:51 AM   #159
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Get 360 degree view of Bangalore

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The structure i360 proposed by an NRI in GIM-2012 promises a 360 degree view of the entire city.

Suggested by NRI Neeraj Patil, the structure will rise to a height of 140 metres.

“I want the people to be able to have a bird’s eye view of Bangalore. It has the potential to become a major attraction for visitors and locals alike,” Patil told Express.

The idea of i360 was pitched to Chief Minister D V Sadananda Gowda at GIM on Thursday. Patil said that the CM seemed keen on the idea of having a structure like this in the city. “The CM has given us a single point of liaison to take the plan forward. Now we can start identifying lands and other things for the purpose,” he added.

The tower will be built by David Marks, who is also the brain behind the famous London Eye, which is a giant ferris wheel like structure in London.

Speaking to Express, Marks said, “We have tested a similar structure in Brighton which is ready to be put into operation. The team building the Bangalore i360, in case it is approved, will be the same one that worked on the London Eye.” He added that the structure would have a 20 metre base.

“Considering the wind conditions in the city, we should be able to go up to a minimum height of 140 metres,” he added. The tower will occupy the space of a tennis court, according to Dr Patil.

He added that the project would require lands in central Bangalore and close to transport centres.

The people behind the project would now approach the tourism department to conduct a study related to the city and discuss the sponsorship for the project.
http://newindianexpress.com/states/k...icle538588.ece
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Old June 8th, 2012, 08:55 AM   #160
avinash2060
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US firm to supply gas to Bidadi Plan

Quote:

The state government’s ambitious plan to set up a gas-based power project at Bidadi to the meet IT city’s electricity demand is likely to come true.

The state government on Thursday at the ongoing Global Investors Meet(GIM) signed an agreement with the US company Composite Global Energy Limited (CGEL) to facilitate the supply of gas to Bidadi and Tadadi power plants. The state government was forced to put these projects on the back burner after the Union government expressed its inability to allocate gas owing to scarcity.

“As per the agreement, the CGEL would supply gas for 20 years on a spot purchase basis,” said Energy and Civil Supplies Minister Shobha Karandlaje. However, Bidadi plant’s capacity was reduced to 700 from 1400 MW due to cost factor.

“Since we have to procure gas at the prevailing market price, it would burden the state’s exchequer. So we have decided to set up it in two phases,” Karandlaje added. However, the Tadadi plant, would generate 600 MW.
http://newindianexpress.com/states/k...icle538585.ece
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