Rs 2 lakh-cr-worth pledges: Karnataka charms investors | india | Hindustan Times
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Rs 2 lakh-cr-worth pledges: Karnataka charms investors

On the first day of the Advantage Karnataka Global Investors Meet, Karnataka mobilised over Rs 2 lakh crore of committed investment by signing of memoranda of understanding with investors from India and abroad. Capital moves in the garden city

india Updated: Jun 04, 2010 14:16 IST
Lalatendu Mishra

On the first day of the Advantage Karnataka Global Investors Meet, Karnataka mobilised over Rs 2 lakh crore of committed investment by signing of memoranda of understanding with investors from India and abroad.

Top industrialists including ArcelorMittal Chairman L.N. Mittal, Aditya Birla Group Chairman Kumar Mangalam Birla, UB Group Chairman Vijay Mallya, Essar Group Chairman Shashi Ruia, Wipro Chairman Azim Premji and Infosys Chairman Kris Gopalakrishnan, committed to line up huge investments in the state.

Bulk of the investment has come for steel production.

“Nearly 400 investors would sign MoUs with us in two days and we expect investments of about Rs 3.5 lakh crore,” said B.S. Yeddyurappa, chief minister, Karnataka.

ArcelorMittal, which has already committed to set up Rs 30,000-crore steel mill and power plant, signed the MoU for this amount. “We are very happy with the progress of our plant in Karnataka,” said Mittal.

Mittal’s rival South Korea’s Posco also signed up for a Rs 32,000-crore plant in Bellary.

The Aditya Birla group will invest Rs 8,500 crore, including Rs 6,000 crore in cement plants. “We have invested Rs 5,000 crore in Karnataka. Karnataka is on its way to becoming a preferred destination for investment,” said Birla.

The Essar Group has signed MoUs to invest Rs 29,000 crore. “We will set up a six million tonnes per annum steel plant here that will have investment of Rs 22,000 crore. We will invest another Rs 7,000 crore in a gas based power plant,” said Shashi Ruia.