BENGALURU: India’s first Information Technology Investment Region (ITIR) on the city’s outskirts would attract $20 billion (1.2 trillion) investment and create millions of jobs, Karnataka Chief Minister Siddaramaiah said.

“The upcoming ITIR project at Devanahalli near the airport is expected to bring in $20-billion investment, create four million direct and indirect jobs and generate $40 billion revenue annually when developed,” Siddaramaiah asserted at an ICT event.

The mega project, a joint venture of the central and state governments with the private sector, will be developed over a whopping 10,500 acres of land in two phases by 2032, overtaking the IT cluster in Silicon Valley in the U.S in terms of size and scale.

“I have reviewed the project and directed the nodal agency (KIADB) to acquire 2,072 acres of land for developing the first phase,” the chief minister said, inaugurating the Bangalore ITE.biz and CeBIT India event at Bangalore International Exhibition Centre (BIEC) on the city’s outskirts.

The Karnataka Industrial Areas Development Board (KIADB) has already issued preliminary notification to owners and farmers of the lands to be acquired around Devanahalli, about 40km from Bengaluru, for the mega project.

“Owners of the lands to be acquired will be paid compensation under the new land acquisition law enacted by the central government. The nodal agency can raise loan from Hudco for compensating land owners,” Siddaramaiah said on the occasion.

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