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Resource Center
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KIOCL Plans To Foray Into Ecotourism With Rs 805-cr Investment
April 04, 2013
  
KIOCL Plans To Foray Into Ecotourism With Rs 805-cr Investment  
     
 
http://www.travelbizmonitor.com/mot-approves-financial-assistance-for-3-mega-tourism-projects-for-madhya-pradesh-19931
 
04 April 2013

Mumbai: Public sector undertaking KIOCL plans to enter the Ecotourism segment utilising existing infrastructure at Kudremukh in Karnataka, and will invest Rs 805 crore on the new project. “In order to utilise the existing infrastructure created at Kudremukh in Chikkamagaluru, we are planning to enter into a new business opportunities like Ecotourism,” Malay Chatterjee, Chairman and Managing Director, KIOCL, said.

“We are keen on developing Kudremukh town as an eco-town or to run tourism project by utilising existing facilities. It is necessary that the land lease be renewed for a period of 99 years at the earliest in favour of KIOCL,” Chatterjee said. The project, he claimed, would generate revenue for the state and create an additional employment potential for the locals.

“We have already prepared the detailed project report and got in-principle nod from the Karnataka government for the project. A total of Rs 805 crore investment would be made in the project in phases,” Chatterjee said.

KIOCL, earlier known as Kudremukh Iron Ore Company Ltd, had an iron ore mine in Kudremukh. But the operation of the mine had to be closed down in 2006 due to environmental issues, after 30 years of operation. KIOCL now plans to use the existing facilities to develop the project on a little over 1,622 acres of area and has sought Karnataka government’s approval for renewal of the lease for 99 years.