Invest Karnataka Conclave-2022 attracted investment proposals of ₹5,41,369 crore: State Minister

Karnataka Minister MB Patil announced on Friday that the 'Invest Karnataka Conclave-2022' had attracted investment proposals worth ₹5,41,369 crore.

Karnataka Large and Medium Industries Minister MB Patil announced on Friday that the 'Invest Karnataka Conclave-2022' had attracted investment proposals worth ₹5,41,369 crore.

Karnataka Congress leader MB Patil. (File Photo)

Responding to questions raised by Holalkere MLA M. Chandrappa during the legislative assembly session at Suvarna Soudha, he mentioned that the government had signed memorandums of understanding (MoUs) with 57 companies regarding the above-mentioned proposals.

Referring to the Hubballi FMCG Conclave, he stated that the event had facilitated MoUs with 16 companies, showcasing investment proposals amounting to Rs. 1,275 crore.

Minister Patil explained that among the total proposals, the green hydrogen sector accounted for 38%, and the renewable energy sector accounted for 35%.

Additionally, he mentioned that these proposals usually take 3-4 years to materialize, and the department would work diligently to materialize all the proposals.

Furthermore, he informed that as of now, 7 projects proposed during the Invest Karnataka Conclave-2022 and 3 projects proposed at the Hubballi FMCG Conclave have been approved by the State Level Single Window Agency (SLSWA).

Patil also revealed that the government spent Rs. 74.99 crore for the Investment Karnataka Conclave-2022 and Rs. 12.23 lakh for the Hubballi FMCG Conclave.

According to regulations, industries receiving government incentives should ensure 100% employment for Kannadigas in 'D' category jobs and 70% employment in all job categories, he clarified.

In response to Chandrappa's mention of Toyota Company in Bidadi having dues of around Rs. 8500 crore to pay to the government, the Minister stated that he was not aware of any such dues. He assured that the matter would be verified, and necessary steps would be taken accordingly.