South Korea-based YG-1, a global company in precision tooling, will invest $150 million in Karnataka, said State Minister for Large and Medium Industries and Infrastructure Development MB Patil on July 3.
“YG-1 has also proposed the creation of a cutting-edge R&D centre. The state government is committed to supporting YG-1's ambitious plans,” said Patil. “YG-1 will also establish a state-of-the-art Korean language learning and training center in Karnataka.”
YG-1, specialising in advanced cutting tools, already operates a manufacturing facility in Tumakuru Machine Tool Park (TMTP) in Karnataka.
Also, read: Karnataka govt inks Rs 1,040 cr MoUs with DN Solutions and EMNI in South Korea
Patil also held discussions with senior executives from Krafton Inc. “Krafton plans to open a Center of Excellence/gaming studio in Karnataka and hire more engineers from India,” he said.
Patil also discussed Karnataka's FMCG ecosystem with Lim Jae-won, CEO of Go Pizza. “With over 60 nationwide locations, 40 of which are in Bengaluru (all directly owned), India has become their second-largest market after Korea. To fuel this growth, Go Pizza plans to triple its existing factory near Bengaluru,” said Patil.
HY Automotive Controls (HYAC) discussed their India expansion plans with Patil, focusing on their project to incorporate in India and their search for around 3 acres of land near Bengaluru for their facility. “The HYAC's decision to expand into India is driven by key customer requirements from Hyundai and Kia, aiming to establish India as a strategic export hub as an alternative to their current manufacturing base in China,” the statement from the minister's office added.
Also, read: Japan’s Sumitomo Heavy Industries to open office in Bengaluru: Karnataka Minister MB Patil
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