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Ambani to invest in aerospace centre, Adani Rs 21K-cr in Karnataka

The Karnataka 2016 Summit attracted mega investment proposals on the opening day, with the who’s who of corporate India lining up big plans for the state.

business Updated: Feb 04, 2016 14:52 IST
Hindustan Times
Anil Ambani,Reliance,Karnataka 2016 Summit
From left: Adani Group chairman Gautam Adani, Reliance Group chairman Anil Ambani, and road, transport and highways minister Nitin Gadkari share a light moment at the Karnataka investment summit.(PTI Photo)

The Karnataka 2016 Summit attracted mega investment proposals on the opening day, with the who’s who of corporate India, including Anil Ambani, Azim Premji, Gautam Adani and Ratan Tata, lining up big plans for the state.

While Reliance Group chairman Anil Ambani announced setting up a centre for research, development and innovation in aerospace in Bengaluru, Adani Group chief Gautam Adani laid out plans to invest Rs 21,000 crore in ports and renewable energy in the state.

The proposed R&D centre, to be set up under Reliance Defence, will generate over 1,500 highly-skilled jobs. Investment details were not disclosed.

“While we are talking about fifth-generation fighter aircraft, sixth-generation technologies are already finding applications. For India to emerge as a strong military power, it is important that we cut down our dependencies on military hardware,” Ambani said.

“It is even more important that we start developing and designing cutting edge systems. Given the emerging scenarios, where air power will play a decisive role in any conflict situation, aerospace technologies were the obvious choice for us.”

The Reliance Group has so far invested Rs 5,000 crore in Karnataka across sectors, ranging from telecom to energy to entertainment to financial services and defence.

Speaking at the summit, Adani said: “We are investing Rs 11,500 crore for increasing the capacity of Udupi Power Company from 1,200 MW to 1,600 MW. When this expansion happens, it will cater to 20 million households.”

The group also plans to invest Rs 500 crore to expand its coal-handling capacity in the state.

“We plan to invest Rs 7,000 crore to set up a 1,000-MW solar plant in Karnataka,” Adani added.

Earlier in the week, Karnataka chief minister Siddaramaiah said the latest edition of the global investors meet will end with MoUs worth Rs 2.5 lakh crore signed by various Indian and global businesses, twice the Rs 1.3 lakh crore garnered during the last summit.

Pitching Karnataka as the centre of high technology, including IT and aerospace, Tata Group chairman emeritus Ratan Tata said: “Karnataka definitely is one of the major places one should look at while making investments.”

Wipro chairman Azim Premji said the software major will hire 25,000 more techies in Karnataka, especially Bengaluru. “We will add 25,000 more IT jobs in Karnataka where we employ over 55,000 people and are expanding each of our businesses.”

Other present at the ceremony included Aditya Birla Group chairman Kumar Mangalam Birla, Infosys co-founder NR Narayana Murthy, Biocon CMD Kiran Mazumdar-Shaw, JSW Steel CMD Sajjan Jindal, finance minister Arun Jaitley and road, transport and highways minister Nitin Gadkari, among others.

(With inputs from agencies)

First Published: Feb 04, 2016 01:28 IST