Karnataka gets Rs.5-trillion worth investment proposals (Lead)June 7th, 2012 - 9:29 pm ICT by IANS
Bangalore, June 7 (IANS) About 600 global and Indian firms Thursday committed to invest a whopping Rs.5 trillion (Rs.5 lakh crore) in the state across 14 sectors on the first day of the second Global Investors Meet (GIM 2012) here.
“About 600 firms have signed agreements with our industry department to invest in the state over the next five years. More companies will sign Friday, which will exceed the target of Rs.6 trillion (Rs.6 lakh crore) we have set for this GIM,” Industries Minister Murgesh Nirani told reporters.
Among major firms which have proposed to invest are GVK Group (Rs.29,000 crore in power projects), Tata group (Rs.26,000 crore in nine sectors), Suzlon (Rs.20,000 crore in solar and wind power projects), Marib Infrastructre (Rs.18,400 crore in tourism projects), Embassy Group (Rs.14,370 crore in IT park) and Rajesh Exports (Rs.11,986 crore in gems and jewellary park).
Other firms are state-run Mangalore Refinery Petrochemcals Ltd (MRPL) Rs.8,500 crore, JSW Steel Rs.6,090 crore, Sun Forest City Ltd Rs.10,000 crore in aerospace park, Ascendas Rs.10,400 crore in IT infrastructure park, and Goenka group Rs.9,900 crore in renewable energy.
“Of the 600 proposals, 32 are from overseas firms, bringing in substantial foreign direct investment (FDI) into the state. Majority of investments will be in knowledge-based sector spanning IT, biotech, pharma, aerospace and electronics and core sectors such as cement, steel, energy, roads and tourism,” an upbeat Nirani asserted.
Investment proposals in the steel and mining sector, however, slumped to less than 10 percent from about 60 percent in the first edition of GIM held in June 2010.
“The state government will initially invest Rs.2,000 crore in creating basic infrastructure such as roads, power, water and civic amenities in the industrial clusters that will be set up to create an eco-system for the prospective investors,” Nirani said.
The government has identified 120,000 acres of land across the state for facilitating investors to set up their manufacturing facilities.
“We already have a land bank of 46,000 acres as final notification has been issued to acquire the lands, while preliminary notification has been issued for the remaining 40,000 acres of land,” Nirani added.
- Once bitten, Karnataka not shy to woo investors again - Jun 06, 2012
- Karnataka SMEs to get 30 percent of industrial land - Jun 22, 2011
- Karnataka clears 28 projects worth Rs.8,622 crore investments - Jul 14, 2011
- Asia's largest aerospace hub near Bangalore soon - Jun 04, 2012
- Karnataka eyes big ticket investments from global firms - Jun 02, 2010
- Karnataka exceeds investment target, hits Rs.9-trillion mark (Lead) - Jun 08, 2012
- Karnataka global investors' meet kicks off - Jun 07, 2012
- Global Investors Meet begins in Bangalore - Jun 03, 2010
- Karnataka may prove scandals don't deter investors - Nov 29, 2011
- Karnataka hopes to attract $120 bn in investments - Mar 01, 2012
- 12 Tata firms keen to invest in Karnataka, says official - May 31, 2010
- MoUs pour in at Karnataka Global Investors' Meet (Roundup) - Jun 03, 2010
- Posco relents, to set up steel plant in Karnataka - Jun 04, 2010
- Karnataka to have aerospace policy to woo investments - Aug 24, 2012
- Karnataka offers sops for tourism projects - May 13, 2010
Tags: ascendas, civic amenities, core sectors, crore, embassy group, global investors, industrial clusters, industries minister, investment proposals, jewellary, mrpl, prospective investors, rajesh exports, suzlon, target, tata group, tourism projects, whopping rs, wind power projects, worth investment