Consolidating on the MoU signed for developing of the Bellary and Bijapur airports, real estate developer MARG has entered into another MoU in Karnataka, this time with the State Government to develop and operate several infrastructural projects in agriculture, agri-industry and rural infrastructural domains totalling an investment of Rs 40 billion spread over the next 5 – 7 years.
The Global Agri-businesses and Food Processing Summit 2011 which witnessed the signing of this MoU seeks to extend urban amenities to the rural areas of the state and also foray into the cold storage, supply chain management and warehouses according to MARG’s report filed with the stock exchanges.
Land , water, pipelines, roads, power at prevailing rates will be the chip in contributions of the Governement of Karnataka as per existing Government policies, once the formalities for this is approved and processes set in motion.
The implementation and investment plan scheduling the commencement of commercial production by MARG will open up employment and job opportunities fulfilling promises made by the Karnataka Industrial Policy 2009-2012 and will in addition help in the procurement of components and raw materials thereby benefiting local vendors.
The markets have welcomed the above developments and showed its appreciation in the 1.05% increase to end the day at Rs.81.70 at the Bombay Stock Exchange.