The Karnataka government has given its nod to India's second largest IT firm Infosys for setting up three more campuses in Bengaluru entailing an investment of Rs 1,918 crore and expected to create about 27,000 jobs.
"The IT major Infosys is going to invest 290 million US dollars (Rs 1,918 crore) on three campuses. One will be built at Electronic City and other two at Konappana Agrahara of Bengaluru South taluk," PTI quoted Karnataka Chief Minister Siddaramaiah as saying.
The three projects were approved at a meeting of the State High Level Clearance Committee (SHLCC) on Saturday, which was chaired by Siddaramaiah.
"Infosys claims to create 27,000 new jobs from these three projects," he said.
The company will spend Rs 625 crore to build a 10.4 acre campus at the Konappana Agrahara-Dodda Tongur area and promises to generate 8,500 jobs at the campus, the chief minister said.
It also plans to construct a Software Technology Park in the same area at a cost of Rs 1,079 crore, he said.
"At this project, the number of direct employment would be a whopping 15,000," Mr Siddaramaiah said.
The chief minister added that the Bengaluru-based IT firm would invest Rs 216 crore for a project at the Electronic City that would generate about 3,500 jobs.
Infosys had posted a profit growth of 5% in the first quarter of the current fiscal year, showing signs of revival under its chief executive Vishal Sikka.
The upbeat earnings posted by Infosys for the June 2015 quarter have revived hopes of investors and analysts who had lost confidence in the IT major, after it reported disappointing results for several quarters.
Infosys' volume growth of 5.4% during the June 2015 quarter was also its highest in the previous 15 quarters.
Tata Consultancy Services (TCS) posted a volume growth of 4.8% during the June 2015 quarter.