The Karnataka government signed agreements for investment of a total of about INR 5,00,000 crore in some 400 projects in the state, at the end of the first day of the two-day Global Investors' Meet (GIM 2012) on Thursday.
The second edition of the event saw a host of major companies like the GVK Group, the TATA Group, Suzlon, the Embassy Group, Welspun, Chettinad Cement, Future Group, Ascendas, JSW Steel, Bosch and Rajesh Exports among the major investors.
Mr Murugesh R Nirani minister for large and medium industries told reporters that ''We had set a target of attracting Rs5,00,000 crore worth of investments in this edition of global investors' meet. However, we have exceeded our own target and have signed memorandums of understanding for over Rs5,00,000 crore worth of investments.”
He said the MoUs were signed in the areas of infrastructure, energy, mining, education, tourism, hospitality and automobiles, among others.
But the steel and conventional power sectors, which dominated the last edition of the event organised by the late former chief minister B S Yeddyurappa, could garner only a small fraction of the investments proposed this time.
Although Japan, Mexico and the State of Bavaria in Germany were listed as partner states to the event, barring the investment of INR 500 crore proposed by Toyota's joint venture, no other companies from these countries featured among the list of 25 letters of intent (LoI) for investments in projects that were announced at the inaugural session.
The major investment proposals signed on Thursday included a INR 29,000 crore investment for setting up merchant power projects in the state. Suzlon has proposed to invest INR 20,000 crore on renewable energy.
Other investors are Rajesh Exports (INR 11,986 crore),
Tata Consultancy Services (INR 4,326 crore)
Ultratech Cement (INR 6,090 crore)
Grasim Industries (INR 395 crore)
Embassy Group (INR 14,370 crore)
Ascendas (INR 10,400 crore)
Welspun (INR 9,900 crore)
Toyota Kirloskar (INR 500 crore)
Bosch (INR 500 crore)
General Electric (INR 300 crore)
Future Group (INR 891 crore)
Sun Forest City (INR 9,300 crore)
JSW Steel (INR 6,090 crore)
MRPL (INR 8,500 crore)
HAL (INR 600 crore).
Mr Nirani said the government also signed MoUs for setting up 18,000 MW of power projects and development of high speed railway network with a Japanese firm. He said that ''The Japanese company would be preparing a detailed project report by the end of December this year for the high speed railway network, which is expected to cost INR 100 crore per km.
We wish to develop the railway network between Bangalore-Mysore, Bangalore-Belgaum and Bangalore-Gulbarga initially. The Japanese company would be sourcing funds for the project from the World Bank and there will be no financial commitment from the state government.”
Source - www.domain-b.com
(www.steelguru.com)
