MARG JOINS HANDS WITH GOVERNMENT OF KARNATAKA
~To invest 4000 crores in Agri Infrastructure & Rural Infrastructure projects over the next 5-7 years
~ MoU signed during "Global Agribusiness and Food Processing Summit 2011" at Bengaluru ~
~ To develop & operate various urban amenities in rural areas of Karnataka like Cold Storage, Supply Chain Management and Warehouses etc.~
Bangalore, December 1, 2011: MARG Ltd., one of India's leading infrastructure companies, today announced the signing of a MoU (Memorandum of Understanding) with Government of Karnataka (GoK) on the on the occasion of Global Agribusiness and Food Processing Summit-2011 being held under Bounteous Karnataka. As part of the MoU, MARG proposes to develop and operate various projects and services in agri and rural infrastructure & agri-industry domains in Karnataka with a total investment of Rs. 4000 crores over the next 5-7 years. The MoU was exchanged with Additional Chief Secretary Mr. Subir Hari Singh in presence of Chief Minister of Karnataka, Sri. D.V. Sadananda Gowda.
Key Development Areas, Facilities and Services:
- Agri Business Investment Region (ABIR) at Belgaum/Mysore
- Knowledge Hubs (KHs)/Agri-Innovation Clusters at Mysore/ Belgaum
- Agri-port with related backup area development in Uttar Kannad district
- PURA (Provision of Urban Amenities in Rural Areas) Social Innovations at Mysore/Belgaum/Bijapur/Bellary
- Social Infrastructures including Regional Planning and Land Resource Management, GIS Mapping linked to proposed ABIRs at Belgaum/Mysore
- Other areas/locations/related projects as deemed fit during the course of project evaluation & implementation
As per the MoU, MARG intends to commence commercial production as per implementation and investment plan and will provide employment to local people as per the Karnataka Industrial Policy 2009-14. It will also promote local vendors for procurement of components and raw materials wherever possible. Govt of Karnataka will endeavor to provide the required infrastructure facilities such as land, water, pipeline, roads, power etc. at prevailing rates and as per prevailing Government policy on completion of the approval formalities. It will also provide on priority the necessary clearances and approvals for the proposed activity in accordance with the applicable rules and regulations and Will assist the proposed unit in getting the approvals/clearances, if needed, from the State Government/its agencies and/or Central Government/or its agencies
Speaking on the occasion, GRK Reddy, Chairman & Managing Director, MARG Group said, "MARG is known for developing inclusive & sustainable infrastructure and holistic region development based on its philosophy of 'Models for Accelerated Regional Growth'. Through this historic agreement with Govt. of Karnataka, we would strive to improve the agri & rural infrastructure facilities and urban amenities in the rural areas in Karnataka. I thank the Govt. of Karnataka for providing this opportunity to partner a path breaking 'development initiative'."
Bounteous Karnataka is an initiative by Government of Karnataka in agribusiness to recognize that the sector needs to make sustainable use of land, water, and other key natural resources, while increasing supply to meet market demand. 'Bounteous Karnataka' seeks to harness the full potential of Karnataka's farming and rural sector. 'Bounteous Karnataka – A sustainable agribusiness initiative' is truly a milestone in developing agribusiness in a holistic way. This summit represents the first initiative of the Government of Karnataka to promote agricultural activities, interest in agriculture, agricultural products and so on. The 2 day Bounteous Karnataka Agricultural Expo event is attended by a number of delegates from all over India and interested parties from other nations as well and notably, several senior government officials have participated in this Summit. These officials represent Government of India from the Ministry of Agriculture and Cooperation, Department of Agricultural Research and Education, Department of Chemicals and Petrochemicals, Department of Industrial Development, Department of Fertilizers and Ministry of Finance among others.
MARG has previously signed a MoU for developing airport projects in Bellary and Bijapur under a Public Private Partnership with Govt. of Karnataka. The projects include terminal buildings, runways, control towers and access facilities cum utilities. Development of facilities, amenities and other infrastructure like an aviation academy, exhibition / convention centre, business parks, shopping mall, flying club, theme / entertainment parks etc. which would address the needs of the local population and tourists is also being planned. These 2 airports are envisioned as a giant leap towards bridging the gap between the potential growth locations and urban centers in the state of Karnataka.
MARG Limited (BSE: 530543), incorporated in 1994 and headquartered in Chennai, is an infrastructure, real estate development and services company. The Company is listed on the Bombay Stock Exchange and its shares are traded on the NSE under the category of 'Permitted Security'. The holistic regional development undertaken by the group is unlocking economic prosperity and creating inclusive & sustainable growth models.
With over two decades of reassuring presence and the credit of pioneering the development of economic growth centers, MARG's portfolio spans across the entire infrastructure value chain - urban and industrial infrastructure, urban residential clusters, marine infrastructure & services, malls and EPC division. The group is expanding its sectoral presence with airport projects in Bellary and Bijapur and Multi-level car park projects. Listed by Dun & Bradstreet among "India's Top 500 Companies 2010", today MARG Group has projects worth more than Rs. 3000 crores under execution, a seasoned human capital of more than 1000, global partners in the Infra space and offices spread across India, Singapore and China. The MARG CSR brand – MARG Parivarthan complements these business verticals. More information on MARG is available on http://www.marggroup.com
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