Bangalore, Nov 21 : The Karnataka government will come out with its 'Aerospace Policy-2012', the first state to do so, to attract aerospace industries and emerge as a relatively low cost aerospace manufacturing and MRO hub in Asia and Middle East, a top official said today.
Speaking to reporters on the sidelines of the UNIDO-UK workshop on Aerospace industry, Karnataka Industries and Commerce Principal Secretary M N Vidyashankar said the draft of the policy was ready and it was finalised after wide consultation with trade bodies and industries. He said in the new policy, the government would unfold a 10 year perspective plan on the aerospace industry.
'We will announce the new policy in December. We are also moving fast on the development of Aerospace Park near Devanahalli close to International airport near the city, we are eyeing to attract more than USD 7 billion investment in the next five to 10 years,' he said.The official said so far 59 companies have signed MoUs with the government to set up their facilities in this park and this also include global infrastructure major Sun Forest which is building a 1000 acre aerospace park which comprises part of the Karnataka's Aerospace park.
'Seven companies have already started construction work and Sun Forest will begin during March next year. The aerospace park has already got investors and project proposals from HAL, Jupiter Aviation, Dynamic Technologies, Centum Electronics, AMADA, BEML, Wipro, Tyco and Aero Electronics Private Ltd. etc,' he said. Sun Forest City, a JV between Gurgaon based Sun Group and UK based Forest City International. The JV proposes to invest close to Rs 10,000 crore in the Phase I in an area spread over 1,000 acre. The aerospace hub will be developed in three phases and in the Phase II, the company will invest another Rs 7,000 crore.