Karnataka sanctions proposals worth Rs 1,600 crore

Bangalore: The Karnataka Government has approved 64 new proposals involving investment worth Rs 1,600 crore.

Of the total investments, steel sector had the highest investment proposals worth Rs 592 crore for setting up sponge iron units in Koppal and Bellary.

The other significant investments were in energy with four proposals (Rs 153 crore) and aerospace with five proposals (Rs 135 crore). IT had proposals for only Rs 113.9 crore. The project includes a Rs 19-crore proposal of Tata Communication for laying optical fibre cable in the city.

Gujarat NRE Coke also got nod for setting up a coal beneficiation to produce clean coal with an investment of Rs 22 crore. VSL Steels Ltd will invest Rs 60 crore for setting up a sinter plant and a 4 MW cogeneration power plant.

All the projects are expected to be completed in two to three years. The projects will come up in various districts, while Bangalore urban and rural got the maximum projects with 14 and nine respectively.