Karnataka is expecting to sign deals worth Rs 7.5 trillion during the three-day Invest Karnataka 2022, the state’s Global Investors Meet (GIM) which started on Wednesday. This is an increase of Rs 2.5 trillion to the previous target set by the Karnataka government.
Union Finance Minister Nirmala Sitharaman said on Wednesday that initially when this global meet was planned, the expectations and targets were somewhere in the range of Rs 5 trillion. She said that has moved upwards to Rs 7.5 trillion worth of proposals. She added that Karnataka Chief Minister Basavaraj Bommai has already cleared investment proposals worth Rs 2.8 trillion.
The sectors in which various companies have committed investments include green manufacturing, hydrogen and derivatives, electronics systems, e-mobility, aerospace and defence, and data centers. The other areas include infrastructure, industrial and logistics parks, and renewable energy.
For instance, ABC Cleantech will bring in Rs 50,000 crore in terms of investment. Vedanta is bringing Rs 80,000 crore investment. O2 Power is investing Rs 10,000 crore. Al Abdulla Group of Companies & NDS Eco Motors is investing Rs 2,000. Airtel is bringing an investment of Rs 15,000 and Reliance Jio Infocomm is investing Rs 11,000 crore.
Shared electric mobility startup Yulu also signed an MoU with the Karnataka government. Yulu will invest Rs 1200 crore to deploy a fleet of 1 lakh EVs and operationalize the largest EV battery charging and swapping infrastructure in the State over the next 5 years. It will create about 7000 direct jobs across its value chain activities.
“We are committed to redefining urban mobility by reducing congestion and pollution, and a thriving government-industry partnership will play a foundational role in achieving this vision,” said R K Misra, co-founder, Yulu.
GIM in Karnataka is aimed at attracting prospective investors and setting up development agenda for the next decade. The speakers at the event include some of the top industry leaders including Kumar Mangalam Birla, Sajjan Jindal, and Vikram Kirloskar. Along with this, a number of business exhibitions with more than three hundred exhibitors, and country sessions would run parallelly. The country sessions would each be hosted by the partner countries – France, Germany, Netherlands, South Korea, Japan, and Australia – which would be bringing in high-level ministerial and industrial delegations from their respective countries.