Bengaluru: Mangalurean B R Shetty’s Abu Dhabi-based NMC Group of Companies will be investing Rs. 450 crore to develop the world famous Jog Falls in Sagar taluk in Shivamogga district.
The State Cabinet on Wednesday gave its approval to entrust the work to BRS Ventures of the New Medical Centre (NMC) Group owned by B R Shetty. The company will now have to get clearances from the Ministry of Environment and Forests and other agencies concerned before executing the project.
The NMC Group signed a Memorandum of Understanding with the State Government at the Travel Mart of Pacific Asia Travel Association for taking up the venture in 2015. Only two firms had submitted their bid expressing interest in executing the project. The state-run National Buildings Construction Corporation Ltd also participated in the bid but later withdrew.
Law and Parliamentary Affairs Minister T B Jayachandra said on Wednesday after the meeting that B R Shetty was executing the project without any commercial interest in mind as he wanted contribute something to the State. The entire project will be monitored by the Jog Management Authority (JMA), a government body. The investor can collect fees from tourists and visitors only after the rates are ratified by the JMA, said Jayachandra.
