Marg to invest Rs4,000 crore in Karnataka's agri-rural infrastructure in 5-7 years
01 December 2011
Infrastructure major Marg is planning a major foray into agribusiness with proposed investments of around Rs4,000 crore for developing and operating various projects and services in rural infrastructure and agri-industry domains over the next 5 to 7 years.
The company today signed a memorandum of understanding (MoU) with the Karnataka government on the occasion of the Global Agribusiness and Food Processing Summit - 2011, being held under the `Bounteous Karnataka' initiative. (See: Global agri-business summit attracts investment proposals worth Rs78,000 crore )
As per the MoU, Marg will commence operations as per investment and implementation plans and provide employment to local people as per the Karnataka Industrial Policy 2009-14.
The projects will also promote local vendors for procurement of components and raw materials wherever possible.
The government of Karnataka on its part will strive to provide the required infrastructure facilities such as land, water, roads, power etc at prevailing rates and as per government policy on completion of approval formalities.
It will also provide necessary clearances and approvals on a priority basis, in accordance with the applicable rules and regulations and will also assist the units in getting approvals / clearances, if needed, from the central governments and its agencies.