The Karnataka Cabinet has approved setting up of the country's first Integrated Machine Tool Industry Park in Tumkur district at a cost of Rs447 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.
President of IMTMA (Indian machine Tool Manufacturers' Association) P.G. Jadeja has welcomed the nod from the Karnataka Government Cabinet towards development of Machine Tool Park.
Jadeja said: "The long cherished desire of India's machine tool industry of setting up an integrated machine tool industrial park for development of the manufacturing technology industry in India is now becoming a reality with the Government of Karnataka giving a cabinet nod towards this. We are extremely happy with this decision." He added that this initiative would primarily help the development of supply chain by attracting investments in machine tool and mainly ancillary industries which in turn helps the overall development of MSMEs and large OEMs in the sector.
"We thank both the Karnataka government and the Government of India for moving one step closer to fulfilling machine tool industry and "Make in India" objective. IMTMA will extend all possible support to enable this project develop at a better pace," he said further.
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