News Brief
Karnataka Opens India’s First Integrated Machine Tool Park To Investors
- With assistance from the Indian Machine Tools Manufacturers Association (IMTMA), the park has been developed jointly by the state government and the Central Department of Heavy Industries.
An industrial and transport equipment manufacturing factory.
Adding to the slew of measures to woo industries and investment to the state, Karnataka has opened the country’s biggest machine tool park for occupation.
The state, which accounts for 52 per cent of India’s total share in machine tool production and 62 per cent of machine tool exports, has announced the opening of India’s first integrated machine tool park named Tumakuru Machine Tool Park (TMTP).
The park, as reported, is spread over 530 acres and is located at Vasanathnarasapura, which is around 90 km from Bengaluru.
With assistance from the Indian Machine Tools Manufacturers Association (IMTMA), the park has been developed jointly by the state government and the Central Department of Heavy Industries.
Emphasising on the need for a robust machine tool ecosystem, IMTMA’s Director-General and CEO, V Anbu, said the ‘TMTP is an attempt in this direction of achieving the ’ambitious target’ of a $5 trillion economy by 2025, of which the manufacturing sector will contribute around $ 1 Trillion, as quoted.
"The park is set to play an important role in consolidating Karnataka’s numero uno position in the manufacture of machine tools," he added. The park is located opposite the upcoming the Japanese Industrial Township that will host Japanese companies exclusively.
The TMTP located within the Tumakuru Industrial Township on the Chennai-Bengaluru Industrial Corridor has been developed at a cost of Rs 508 crore of which Rs 125 crore is the equity contribution of both the state and union governments.
Of the total 158 ready-to-build industrial plots, 22 spanning 128 acres have already been taken by a few large companies, while the rest are available for sale.
”Over the next few years, Tumakuru will emerge as a massive industrial hub in Karnataka,” said TMTP CEO N Shivashankar, adding that there will soon be a dedicated railway line between Tumakuru and Davanagere that will pass through Vasanthanarasapura.
The land is being provided at a concessional rate of Rs 1 crore per acre in comparison to other industrial parks nearby, which currently, are priced at Rs 1.20 crore per acre. This apart, its proximity to the Bengaluru International Airport at around 100 km, access to the national highway connecting Bengaluru with Pune and the Dabhol Bangalore gas pipeline are being highlighted by the state government to woo investors to the park.
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