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News @ Jains - Karnataka signs MoUs for agri-biz projects worth Rs 37,250 Cr

Fruitful meet: Mr Anil B. Jain, MD, Jain Irrigation Systems Ltd; and Mr Umesh V. Katti, Minister for Agriculture, Government of Karnataka,
at the inauguration of Global Agribusiness and Food Processing Summit 2011, Karnataka, at BIEC in Bangalore on Thursday.

Gets commitment for Rs 40,000 cr funding for farm projects by SBI

Bangalore, Dec. 1 (Reporter) - On the first day of the ‘Bounteous Karnataka global agri-business and food processing summit-2011, the State has managed to attract investments worth Rs 77,250 crore, including a mega-deal from the banking behemoth State Bank of India. The two-day summit aims to attract investments in the States agri-business and food processing sectors.

While SBI will invest Rs 40,000 crore to fund agri-business projects in the State, the government has signed MoUs to the tune of Rs 37,250 crore with listed companies including Srei Infrastructure Finance (Rs 15,000 crore), Welspun Infratech (Rs 5,000 crore), MARG (Rs 4,000 crore) and Karuturi Global (Rs 450 crore).

Speaking at the summit, the Chief Minister, Mr D.V. Sadananda Gowda, said for successful realisation of projects the State Government has land banked 4,000 hectares and also through stakeholders meeting received good response with regard to farmers participation in agri-business.

“Impediments in the Land Reforms Act, APMC Act etc are being removed. We are also ensuring that only serious players are invited and not speculators or real estate traders,” he added.

The State Government has estimated that once all projects are implemented, it is likely to generate three lakh direct jobs and seven lakh indirect job opportunities.

The States agriculture secretary, Mr Sandeep Dave, said, “In addition to these, we have also signed agreements with 23 firms on the first day of the summit for Rs 3,674-crore investment in agri-infrastructure, food processing, horticulture and sericulture.”



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