Home >News >India >Karnataka attracts investment worth 27,000 crore since March
Representational Image (Photo: Priyanka Parashar/Mint)
Representational Image (Photo: Priyanka Parashar/Mint)

Karnataka attracts investment worth 27,000 crore since March

  • This includes approvals of around 37 projects in July by the Land Audit Committee valued at 1981.4 crore that would generate nearly 4,000 jobs

BENGALURU : The Karnataka government on Wednesday said that it has attracted investments worth 27107.39 crore since March, from new projects and expansion plans of existing facilities which could generate around 46,000 jobs in the state.

This includes approvals of around 37 projects in July by the Land Audit Committee valued at 1981.4 crore that would generate nearly 4,000 jobs.

The statement comes at a time when Karnataka has amended industrial, land and labour laws to attract investments into the southern state that is reeling under prolonged economic strain and acute fund crunch, further accelerated by the covid-19 induced lockdown.

Around 85 projects valued at 6136.97 crore with the potential to create 31648 jobs were approved by the State Level Single Window Clearance Committee (SLSWCC). Another 16 projects valued at 18989.02 crore with the potential of creating over 10,000 jobs was approved by the State High Level Clearance Committee ( SHLCC), chaired by the chief minister.

Among the big ticket projects were the 13,026 crore investments by JSW Vijayanagar Metallics Ltd to set up a facility for hot metal, pig iron, crude steel and hot rolled coils facility in mineral-rich district of Ballari, about 320 kms from Bengaluru.

Siemens Healthcare Pvt. Ltd. has proposed to set up a Research and experimental development services centre in Bengaluru at the cost of 1,085.30 crore.

Information Technology (IT) major, Tata Consultancy Services has proposed to set up a special economic zone, IT/ITeS with an investment of 495 crore in an area of 38.29 acres of land in Dakshina Kannada district.

Several other IT parks and SEZs have been approved in and around India’s technology capital, Bengaluru, and other parts of the state, according to the government.

Sap Labs India Pvt. Ltd has proposed a software development facility with an investment of 499 crore at the high-tech Defence and Aerospace Park (IT Sector), in the outskirts of Bengaluru. “Enhancement of the project cost from 490 crores to 1000 crore in next 5 years in phased manner," the government said in a statement.

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