Karnataka enters MoU with 23 companies: Attracts Rs 28,000 crores investments

Karnataka enters MoU with 23 companies: Attracts Rs 28,000 crores investments

Bengaluru: The state government on Thursday signed Memorandum of  Understanding (MoU) with more than 20 companies spread across various sectors roping investment worth Rs. 28,000 crore.

State government has entered an MoU with various sectors such as electric vehicles, data centres, aerospace and defence to attract investments, the investment will generate 15,000 direct employment opportunities and Karnataka will emerge as the number one investment destination in the coming years.

Signing MoU with various companies the Chief Minister B.S.Yediyurappa said, “since the beginning of the pandemic in March 2020 last year, State government has cleared more than 520 projects of industries with a total investment of Rs. 77,000 crores spanning multiple sectors”, he said.

“Additionally, there are proposals, and MoUs submitted worth Rs. 23,000 Crores, thus taking the total investment to Rs. 1 lakh Crores. This marks the strong commitment of investors despite the challenging COVID-19 scenario to select Karnataka as an investment destination,”  the Chief Minister said.

Despite the challenging pandemic situation in the country and across the world, Karnataka has garnered Rs. 28,600 crore worth of investments in the last six months in the form of MoUs and investment proposals. These investments are spread across sectors, with marquee global and Indian organizations expressing their interest to invest in the State.

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“We want to retain Karnataka’s position as a global manufacturing hub and place Karnataka on the global manufacturing value chain. Hence, the state government has been actively working to promote tier-2 and tier-3 regions of the State by developing multiple sector-specific clusters. We have developed dedicated clusters for Toys in Koppal, Consumer Electronics in Dharwad, Pharmaceuticals in Yadgir, to name a few,”  said Large and Medium Industries Minister, Jagadish Shettar.

Some of the leading examples of today’s Invest Karnataka event include Rs. 4,015 crores MoU with C4V, a leading US-based Li-ion cell manufacturer, Rs. 2,250 crores, MoU with LNG Alliance, a Singapore based LNG terminal operator, Rs. 5,000 crores MoU with Adani Data Centers to set up data centres in Karnataka, and many more, Mr, Shettar added.