Taking the Karnataka government by surprise, foreign and domestic investors committed to invest around Rs 4,50,000 crore in this mineral rich state by signing 353 pacts during the two-day Advantage Karnataka Global Investors Meet that concluded in India’s IT capital on Friday.
Having lagging behind states such as Gujarat, Orissa, Andhra Pradesh and Tamil Nadu in attracting investment, Karnataka made a bold move to woo investors and had received additional proposals for 56 projects worth Rs 78,395 crore in the last one week.
“This (the committed investment) is simply beyond our expectations,” said BS Yeddyurappa, chief minister, Karnataka.
He said the state government expects to get foreign direct investment of around 20 per cent of the total project proposals. The new projects are expected to provide employment to over 8.65 lakh persons.
The steel sector committed nearly 60 per cent of the overall investments with steel heavyweights like ArcelorMittal, POSCO, Essar Group, JSW Steel and Bhushan Steel expressing their intent to start mega plants in the state. Reddy brothers-owned Brahmany Industries Karnataka Ltd signed a pact for a Rs 36,000 crore project in Bellary.
Investors also expressed a desire to invest in key sectors like infrastructure, urban development, power generation and port development, the chief minister said, adding, “we have a clear roadmap of monitoring all the memoranda of understanding in a time-bound manner”.
Over 5,000 investors took part in the meet.
(Travel and stay for the event were partially paid for by the Karnataka government)