Cauvery Neeravari Nigama, a company formed by Karnataka government to speed up ongoing irrigation projects in the Cauvery basin, would raise Rs. 500 crore by the end of July, Water Resouces Minister H K Patil said on Thursday.
The money might be raised through private placement or bonds or external commercial borrowings, Patil told reporters after the first board meeting of the company.
Karnataka government had taken up projects worth Rs. 6,984 crore in the Cauvery basin, of which Rs. 3,431 crore has been spent, he said, adding that the remaining works involving Rs. 3,553 crore would be completed through the company.
Patil said 23 projects were still to be completed.
Incorporated under the Companies Act, the Nigama has an authorised capital of Rs. 1,500 crore and it also intends to take up lift irrigation and minor irrigation works and promote modern irrigation practices and technology.
Chief Minister S M Krishna, who is compant chairman, presided over Thursday's meeting.