Karnataka Considers Global Financial District

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Mar. 12 – Karnataka government is considering establishing a global financial hub in Devanahalli district located near Bengaluru International Airport.

Senior officials from 45 banks, insurance companies and mutual funds have expressed interest in the district according to state minister for large and medium industries Murugesh Nirani. “We are looking at a public private partnership or joint venture model for the district. We will provide the land and the companies would bear the infrastructure cost,” Nirani said in a statement.

A one stop financial hub in the district would make it easier for industries to apply for project financing with banks and financial institutions all in one place. Karnataka state is located in the southern India and is surrounded by the Arabian Sea, Goa, Maharashtra, Andhra Pradesh, Tamil Nadu and Kerala.

More investment is expected to come into the state with approved projects from top companies Arcelor Mittal, Hero Honda and Wipro.