KARNATAKA RECEIVED 48 PROPOSALS IN
MINERALS SECTOR
Bangalore, June 3rd, 2010 - The Minerals session was held today at the ‘Advantage Karnataka:
Global Investor’s Meet 2010’ organised by the Goverment of Karnataka. The session was
inaugurated by Shri Suresh Kumar S., Honorable Minister for Law, Justice and Human Rights,
Government of Karnataka. Presiding the session was Shri S. V. Ranganath, Chief Secretary,
Government of Karnataka. Speakers at the session were Shri S. V. Ranganath, Chief Secretary,
Government of Karnataka; Shri B. S. Ramaprasad, IAS, Secretary, Commerce & Industries Dept.
(Mines, SSI & Textiles), Government of Karnataka and Shri S Chandrsekhar, Vice Chairman - CII
Karnataka State Council.
Some of the prominent investors included ArcelorMittal, Bhushan Steel, and Surya Roshni.
The Global Investors Meet 2010 (GIM 2010) hosted by the Government of Karnataka saw an
overwhelming response of 5000 delegates from all over the world. Advantage Karnataka – the
Knowledge Hub of Asia has attracted over Rs 3.5 lakh crore of investment spread across all key
sectors and regions of the state and witnessed the signing of over 400 MoUs during the two day
session.
Inaugurating the session, Shri Suresh Kumar S, Honorable Minister for Law, Justice and Human
Rights, Government of Karnataka said, “The Government has also proposed to establish a steel
city in Bellary, with an investment of Rs. 80,000 Crore. Aside from contributing significantly to
the overall steel sector, this project will boost regional economic prosperity on an annual basis.
Further, nearly 200,000 people across 43 villages stand to be benefitted with this tremendous
thrust in the minerals sector.”
Karnataka is the largest exporter of iron ore, the third largest producer of steel and the seventh
largest producer of cement in the country. Karnataka has a rich resource base and the
capability to host a manufacturing steel base for more than 100 MT per annum. The steel
sector contributes extensively to the auto sector, in terms of providing the steel inputs for auto
components. The state has seen some noteworthy progress in the Cement sector. Raw material
extraction remains at the heart of the cement value chain and renders absolute cost
advantages to the companies.
Karnataka has also high potential for further exploration and development of High Value
minerals including gold, copper, diamond, pge (platinum group elements).
Presiding the session, Shri S. V. Ranganath, Chief Secretary, Government of Karnataka said, “It is
indeed a proud moment for Karnataka that many leading global and domestic companies are
looking to invest in the state. The state has already cleared 38 big-ticket projects worth Rs
138,000/- crore.”
The Business session saw a delegate line-up of prominent industrialists including Dr S Anand
Reddy, Executive Director, Sagar Cements Ltd. and Shri K Ranganath, Chief Managing Director,
Kudremukh Iron Ore Company and also Government luminiaries such as Prof. K V Raju,
Economic Advisor to Honorable Chief Minister of Karnataka; Dr. Vinod Nowal, Director and
CEO, Jindal Aluminium & Steel Limited; Dr. V N Vasudev, Exploration Director, Geo Mysore
Services India Pvt Ltd.; Shri M E Shivalingamurthy, Director Mines & Geology, Government of
Karnataka.
The highlights of the session includes –
Creation of Steel Zones in Bellary, Kopal, Bagalkot, Haveri, Gadag & Raichur.
Development of Cement Zones in Gulbarga, Bagalkot, Chitradurga & Belgaum.
Announcement of Karnataka State Govt. Policy 2009-14 packages of incentives and
concessions for new industrial investments including - -
o 75% - 100% stamp duty exemption on land sale & load documents registration
o 100% exemption on entry tax on plant & machineries for 3 years during
implementation of the plant
o Land conversion fine reimbursement of 75% to 100% for converting agricultural
land to industrial use
Advantage Karnataka : Global Investor’s Meet 2010, is a 2 day initiative of the Government of
Karnataka on June 3rd – 4th, 2010, designed to position the state as the sustainable destination
for investments, and aims at a holistic sector-wise growth across all sections of society.
Media contact:
IPAN Hill & Knowlton
Ajith Henry – ahenry@ipanhillandknowlton.com
Shreela Roy – sroy@ipanhillandknowlton.com