Bangalore: After its success story of mopping resources for funding irrigation projects in the Krishna river valley, the Karnataka government is seriously thinking of setting up 'Cauvery Jala Bhagya Nigam' to raise Rs 5000 crore, Minister for Water Resources H K Patil said on February 21.

The government would soon approach SEBI (Securities and Exchange Board of India) seeking clearance for establishment of the new corporation and to raise money through issue of bonds, he told reporters in Bangalore.

Patil clarified that the Cauvery Jala Bhagya Nigam would mobilise resources to fund the on-going projects, which have remained uncompleted and no new projects were contemplated.

He said even after completing the on-going projects, Karnataka was unlikely to exceed the irrigation potential cap of 12 lakh hectares set by the Cauvery water disputes tribunal, which is adjudicating the river water sharing dispute between Karnataka, Tamil Nadu, Kerala and Pondicherry.

Patil said the government needed at least Rs 3000 crore to complete projects initiated in the Hemavathy zone, Rs 870 crore to take up Kabini II stage on which the survey work was yet to be carried out and little progress had been achieved on Tharakka project.

He said several projects in the KRS (Krishna Raja Sagar) right bank and Yagachi were still pending for want of funds.

Patil said about 18 projects including five major projects in the Cauvery basin were under various stages of execution.

PTI