Karnataka gets investment of Rs 10,000 cr at Make in India

Karnataka government said it has received investment commitments worth around Rs 10,000 crore during the 'Make in India Week' in Mumbai.

The investment interests received include Tar-Kovacs Systems Group, a French company, to establish an ocean based renewable energy project with an investment of 300 million euros (Rs 2,284 crore) and by McCormick Ingredients, a US-based company, to set up a food processing unit with an investment of Rs 150 crore.

Other commitments include a proposal by Global Mode & Accessories, a garment export company, to set up a manufacturing unit with an employment potential of 2,000 persons with an investment of Rs 25 crore and by First Solar for Solar cell manufacturing unit, with an investment of Rs 6,000 crore.

The state government in a release said Pert Telecom has expressed intention to establish a manufacturing base for a wide range of smart products and solutions in the areas of street lighting, IT security, surveillance and GPS with an investment of Rs 1,250 crore in a phased manner.

The Karnataka State Seminar was organised today as part of the ongoing Make in India Week event in Mumbai that was attended by Minister for Large and Medium Industries and Tourism R V Deshpande along with a host of senior state government officials, including Additional Chief Secretary to Government, Commerce & Industries Department K Ratna Prabha.

Stating that the state has led the industrial transformation of India, making its mark across all industries, Deshpande said, "Karnataka has innovated, invented and invested to lead the future of India." "Today Karnataka has emerged as one of the most preferred FDI destinations for global firms," the minister was quoted as saying in the release.

Several industry experts and industry captains like Dhiraj Mathur, Partner, PwC; L Krishnan, Managing Director, Taegutec India Ltd; Shekar Viswanathan, Whole-time Director, Toyota Kirloskar Motor Pvt Ltd among others were present at the event.