Karnataka gets Rs4.5 trillion in pledges

Karnataka gets Rs4.5 trillion in pledges
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First Published: Fri, Jun 04 2010. 10 52 PM IST
Updated: Fri, Jun 04 2010. 10 52 PM IST
Bangalore: Karnataka signed 353 agreements with investors who promised to spend as much as Rs4.5 trillion at a two-day global investors meet that ended on Friday.
If the promises are realized, it would create around 850,000 jobs in sectors ranging from steel, cement, auto to energy and information technology.
“This has been a landmark event in the industrial growth of Karnataka,” chief minister B.S. Yeddyurappa said. “The good part is that most of the larger investors showed keen intent to make it work.”
This initiative by Karnataka comes after the success of Vibrant Gujarat, a similar meet through which that state attracted Rs7.5 trillion in investment last year.
Steel makers including ArcelorMittal, the world’s largest steel producer, South Korea’s Posco and Tata Metaliks Ltd promised to build as many as 41 plants.
“Karnataka is more global than any other state in India and we are planning many more projects here, including hotels and infrastructure,” said B. Muthuraman, vice-president, Tata Steel Ltd.
Energy firms followed steel with 24 project proposals. About 20% of the promised investment would be made by overseas investors.
The state government said it expected at least 55% of the promised investment to achieve completion.
Karnataka has in the past week been approached with another 56 new project proposals worth Rs78,395 crore, which will be considered at a meeting later this month.
On education, the government of Victoria, Australia, signed an agreement with Karnataka on Friday to jointly offer vocational training and education.
A new information technology investment region will come up on 10,000 acres in north Bangalore, close to the Devanahalli airport, the state government said.
“This project will also attract Rs1 trillion of investments, bringing four million job opportunities,” said state IT minister Katta Subramanya Naidu.
Separately, US car maker General Motors said it would either launch or showcase an electric vehicle in the Indian market next year, its India chief Karl Slym told reporters at the meet on Friday.
K. Raghu, Poornima Mohandas and PTI contributed to this story.
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First Published: Fri, Jun 04 2010. 10 52 PM IST