The Karnataka government signed two Memorandums of Understanding (MoUs) totalling Rs 1,040 crore with DN Solutions and EMNI Co. Ltd in Seoul, South Korea on July 2.
Karnataka Minister for Large and Medium Industries and Infrastructure Development MB Patil participated in a roadshow in Seoul, South Korea.
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“DN Solutions has committed an investment of Rs 1000 crore towards establishing machine manufacturing facilities, a research and development center, and a technical support center for Indian manufacturing companies. This initiative is projected to create around 350 jobs over the next 7-10 years,” said Patil.
EMNI Co. Ltd, represented by CEO Chang-hoon Koh, committed a Rs 40 crore investment in Karnataka for battery technology advancements. The company has signed an MoU worth Rs 40 crore to invest in storing, testing, and recycling LG Energy Solution's battery cells in Karnataka. “This project is expected to generate 100 jobs and position Karnataka as a key player in the electric vehicle and energy storage markets,” said Patil.
“The roadshow highlighted Karnataka’s robust industrial ecosystem, investor-friendly policies, and progressive business climate, attracting participation from over 45 companies including Hyundai Welding Co. and Krafton,” a statement said.
Patil also met with senior executives from NIFCO Korea, specialising in manufacturing plastic fastening products and components for the automotive, electronics, and home appliance industries.
"NIFCO Korea Inc. will open an automotive fasteners component plant in Gauribidanur. The delegation assured NIFCO of assistance in land acquisition, fast-tracking approvals, and starting construction. NIFCO is planning to expand further and collaborate with major companies like Kia Motors and the Mahindra Group. Currently, NIFCO is a major supplier to Hyundai" said a statement from the minister's office.
Patil also met representatives from the Ministry of Trade, Industry, and Energy (MOTIE) and the Korea Chamber of Commerce & Industry (KCCI). Discussions focused on enhancing trade relations, increasing investment volumes, and exploring synergies between Karnataka's and Korea's innovative ecosystems.
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“These MoUs and the strategic engagements in South Korea underscore Karnataka's commitment to becoming a global hub for industrial and technological advancements, fostering economic growth, and creating new employment opportunities in the region,” the statement added.
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