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Karnataka GIM likely to attract Rs 6 lakh crore investment

Karnataka expects to sign Memorandum of Understanding (MOU) for about Rs 6 lakh crore of investment during the two-day Global Investors Meet beginning in Bangalore from June 3, State Minister for Large and Medium Industries Murugesh Nirani said on Monday.

india Updated: May 31, 2010 20:39 IST
PTI

Karnataka expects to sign Memorandum of Understanding (MOU) for about Rs 6 lakh crore of investment during the two-day Global Investors Meet beginning in Bangalore from June 3, State Minister for Large and Medium Industries Murugesh Nirani said on Monday.

"The state has so far approved investments to the extent of Rs 4 lakh crore," he said.

Another Rs 2 lakh crore of investments are expected to be approved at the State's High Level Committee on Industrial project clearance, planned for June 3, Nirani said.

Around 400 MoUs with leading investors, including Arcelor Mittal, Shell, Lafarge, Tata Elexi, Birla Cement, Reliance, Wipro, Infosys Technologies, GIAL, MRPL, Luxor Energy, among others, will be signed during the GIM, he said.

A 15-member team from the Tatas, led by Vice-Chairman Muthuraman, will be participating in the GIM to sign MOUs on various projects. A Tata team recently visited the Aerospace SEZ planned near the Bangalore International Airport, Nirani said.

The Tata Group plans to invest Rs 10,000 crore in various sectors, he said.

Nirani said the government would ensure that investors would not face power and water problems. The state plans to add 12,000 MW of power capacity in the coming years and has drawn up plans to harvest rain water, he said.

Major nationalised bank heads participating in the GIM have agreed to accord approvals for loans, Nirani said. Syndicate Bank alone was likely to grant approvals for loans exceeding Rs 6,000 crore to prospective investors.

More than 2,000 delegates, including Arcelor Mittal Chief Lakshmi Mittal, Kumaramangalam Birla of the Birla Group, Raghupati Singania of JK Tyres, Sajjan Jindal of JSW Steels, Vikram Kirloskar of Toyota Kirloskar Motors, U B Group Chairman Vijay Mallya and GMR Rao of the GMR Group will attend the GIM, he added.

First Published: May 31, 2010 20:38 IST