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Tax sops for ONGC products in Karnataka

Written by: Staff
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New Delhi, Feb 23 (UNI) The Karnataka Government today agreed to provide a Rs 130 crore tax concession for the ONGC products marketed in the state in an effort to encourage the petroleum giant to set up its Rs 25,000 crore petroleum complex projects.

A decision to this effect was taken at a meeting by Karnataka Chief Minister H D Kumaraswamy with ONGC officials.

With this the state government has responded positively to the demand of the ONGC for tax reduction as it was as high as 33 per cent in Karnataka compared to other neighbouring states. Now, the tax in the state will be on par with other states in the region.

The state governemnt also agreed to construct a dam for ensuring uninterrupted supply of water to the ONGC complex. The process of setting up Special Purpose Vehicle for executing the project will also be taken up, Mr Kumaraswamy told newspersons.

The government will have to appoint a commissioner level officer to handle the mega project.

Mr Kumaraswamy and Deputy Chief Minister B S Yediyurappa, who called on Surface Transport Minister T R Baalu, was told by the union minister that the state should be ready for quick land acquisition for taking up the 268km-long satellite ring road for Bangalore at an approximate cost of Rs 5,000 crores.

The project involves building of roads linking the satellite towns of Dobbspet, Magadi, Rama Nagra, Kanakapura, Anekal, Attibele, Hosakote, Sulibele and Devanahalli in the seventh phase of National Highway Development Project.

During their meeting with Civil Aviation Minister Praful Patel, they requested the construction of airports at Hassan and Gulbarga on the lines of the airport at Mysore to provide air-link to second-line cities.

The state government has also sought to implement the second phase of Bangalore International Airport increasing the parking facility.

UNI MCN MA RK1922

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