Bangalore will have India’s first Information Technology Investment Region (ITIR) for knowledge-based industries, including software and hardware firms with entire supply chain."The ITIR is projected to attract global investments to the tune of Rs 2 trillion and create a million direct jobs over the next 10 years," an official said.
The high-powered committee of the ministry of communications and information technology has approved the ITIR proposal from Karnataka and forwarded it to the union cabinet for clearance, which is expected soon.
"The integrated region will be built under the PPP (public-private partnership) model with joint investment by the central and state governments near the international airport," Industry Secretary MN Vidyashankar said.
The state government plans to float a global tender to select a developer to build the ITIR in about 10,200 acres in two phases.
Land measuring 2,080 acres has been identified for the first phase and preliminary notification issued to farmers for acquisition at the prevalent market rate.
The region will also have a residential township, an airstrip, high-speed rail network, shopping plaza, hospitals, schools and recreational facilities for the communities living there.
Indian IT bellwethers TCS, Infosys and Wipro have shown interest in setting up their software development centers in the region.
Andhra Pradesh and Tamil Nadu are the other two states which have proposed similar investment regions in their respective states.
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