Bangalore, June 4 (IANS) Bangalore will have the country's first Information Technology Investment Region (ITIR) for knowledge-based industries, including software and hardware firms with entire supply chain, an official said Monday.
"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 M.N. Vidyashankar told reporters here.
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 knowledge park will be a self-sustainable integrated investment region for setting up software firms, back offices and an hardware park for electronics cluster, including chip designing and manufacturing units, with world class infrastructure facilities," Vidyashankar said.
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.
"We have appointed international consultancy firm Deloitte to prepare an RFP (request for proposal) documents and terms and conditions for the global tender to select project developers," the official said.
Indian IT bellwethers TCS, Infosys and Wipro have shown interest in setting up their software development centres in the region.
"Companies in the region will be entitled to tax and other incentives similar to those being provided under the SEZ (special economic zone) policy by the central government," Vidyashankar added.
Andhra Pradesh and Tamil Nadu are the other two states which have proposed similar investment regions in their respective states.