Blitz Bureau
NEW DELHI: The Karnataka Cabinet approved the allocation of 140 acres of land at Bengaluru Signature Business Park (BSBP), located near Kempegowda Airport, for ₹780 crore to US-based semiconductor equipment major Applied Materials Inc.
The Cabinet suggested the consideration of the land at ₹1,288 per sq ft. The business park is already emerging as a key destination for high-tech industries and occupies over 400 acres of land.
The allocation was done on a leasecum-sale basis subject to regulatory clearances and final pricing mechanisms after examining valuation norms aligned with guideline value. The decision, however, is subject to statutory approvals.
The government will review mechanisms of the disposal of 267 acres remaining through diverse modes, which also includes competitive bidding and transaction advisers. It is also set to reexamine BSBP’s land disposal policy. Karnataka now looks to solidify its position as the most favorable destination for tech giants globally.
