Karnataka remains a top investment destination: Minister

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From January 2016 to June 2017, Karnataka has received investment proposals of Rs 1,54,173 crore, retaining its top position in investments.

“We have also received fresh investment proposals worth Rs 6,113.29 crore in the last few months involving some major companies,” RV Deshpande, Minister for Large, Medium Industries and Infrastructure Development, Government of Karnataka, said on Wednesday, quoting figures from the Department of Industrial Policy and Promotion (DIPP), Government of India.

The Minister said 15 major companies are making fresh investments in Karnataka. These include Oracle India that has proposed to invest Rs 2,438 crore to expand its unit in the IT/ITES Special Economic Zone (Bengaluru), a project expected to generate 9,697 jobs. Wipro Enterprises has proposed to invest nearly Rs 112 crore in the Aerospace SEZ in Devanahalli, and TVS Motors has proposed to invest Rs 1,110 crore to expand its plant at Kadakola in Mysuru that will generate 800 jobs.

The Minister said the State has already cleared these major investments.

Other major companies that are investing include Mangalore Refinery and Petrochemicals Ltd (Rs 966 crore), IKEA (Rs 810 crore), SAP Labs India (Rs499 crore), Acebright India Pharma (Rs 492 crore), Desano Pharmaceuticals (Rs 475 crore), Adani Cementation (Rs 410 crore), Molex India (Rs 340 crore), Aditya Birla Solar (Rs 325 crore), HNI Autotech (Rs 242 crore), Prosperity Textile Processors (Rs 196.79 crore), and Ather Energy (Rs 47.50 crore).The success of the Invest Karnataka meet held last year provided the momentum to take the top position in investments, he added.

The minister said the state had created about 15 lakh jobs over the past four years. He said the unemployment rate in the state was 2%, compared to the country average of 3.7%.It is also lower that that in Kerala (10.6 %), Andhra Pradesh (3.5%) and Tami Nadu (2.7 %).

The minister said talks were on for establishment of the Japanese Industrial Township at Vasanth Narasapura in Tumakuru on 500 acres, and consultation was on with JETRO (Japan External Trade Organisation) to promote Japanese investments in the state.

He said the government is also in the process of developing six women industrial parks including in Karohalli, Kanakapura (100 acres), Kudithi, Ballari (60 acres), Gamangatti, Dharwad (30 acres), Nadur, Kalaburagi (51 acres), Thandya, Mysuru (48 acres), Canara, Mangaluru (40 acres).

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