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Mar 08, 2012 at 03:18am IST

Karanataka targets Rs 6 trillion investment from GIM

Mumbai: Karnataka Chief Minister Sadananda Gowda on Wednesday said the state is targeting to attract investment commitments of up to Rs six trillion from its forthcoming global investors meet (GIM).

The meet, held every two years, is scheduled to be held in Bangalore from June 7-8.

At the last meet, Karnataka had signed over MoUs worth over Rs 3.92 lakh crore.

K'taka targets Rs 6 trillion investment from GIM

The Supreme Court had last year banned iron ore mining in the state along with the rest of the country.

Gowda, who is in Mumbai as part of a roadshow meeting of corporate chieftains, told reporters that in spite of the recent troubles like change in political leadership and issues in the mining sector, Karnataka will garner investment commitments of over Rs 6,00,000 crore.

State chief secretary SV Ranganath claimed over 60 per cent of the commitments made at the last summit have already fructified, placing the state as one of the best in terms of "conversion ratios".

The new commitments will be across the sectors barring limestone, gas-based power projects and iron-ore based industries which have been affected due to the recent troubles, he said.

The Supreme Court had last year banned iron ore mining in the state along with the rest of the country, especially Goa, where there were reports of illegal mining.

The problem began after the state Lokayukta found two of the then state ministers, the Reddy brothers, and the then Chief Minister YS Yeddyurappa allegedly operating illegal iron ore mines in the mineral rich Bellary region of the state, following which the Apex court clamped down on illicit mining, leading to the resignations of the ministers.

Conceding that the state is experiencing some troubles in land acquisition because of title issues, especially in areas surrounding Bangalore, Ranganath said it has devised a novel scheme under which the price of the land is deposited with a court.

This will save time for the investor as land gets acquired and the court passes on the amount to the rightful owner once the case is settled, he said.