Karnataka cabinet gives nod for machine tool park
The Karnataka Cabinet today approved setting up of the country’s first Integrated Machine Tool Industry Park in Tumkur district at a cost of Rs 447 crore.
The project at Hosa Narsapur, a joint venture between the central and state governments, will come up on 500 acres with a central government grant of Rs 125 crore, state Law and Parliamentary Affairs Minister T B Jayachandra said.
The park will be a cluster of machine tool builders, makers of accessories, components and foundry, among others, and will help small and medium scale enterprises to expand their manufacturing capacities, he said.
Once functional, it is expected to boost domestic turnover of machine tools and savings in imports and forex, he added.
The park is expected to create more than 4,000 jobs in manufacturing and administrative fields, Jayachandra said.
The central government on February 1 had approved five projects with a grant of Rs 175 crore related to the capital goods space for companies including this project.
