Karnataka bagged investment commitments worth Rs. 4.5 lakh crore ($66.17 billion) in the just concluded fourth edition of the Karnataka Global Investors’ Meet. The event took place in Bangalore from 3rd Feb to 5th Feb 2016.
The Karnataka Global Investors’ Meet 2016 was attended by 5,000 participants including 1,000 from overseas. The participants comprised of corporate heads, industrialists, international dignitaries, and politicians. The meet was inaugurated by Union Minister for Finance, Corporate Affairs and Information and Broadcasting Arun Jaitley.
Main sectors that attracted investment at Karnataka GIM 2016
The main sectors that attracted investment at the investors’ meet this year are aerospace, defence, energy, IT and telecommunications. Out of the Rs. 4.5 lakh crore investment proposals Rs 1.73 lakh crore ($25.44 billion) has already been approved by the Karnataka State Government. The MoUs were signed for the remaining proposals during the meet. Apart from this, the centre has announced Rs 1.50 lakh crore ($22.05 billion) investments for the development of roads, ports and other mega projects in Karnataka.
Major investment proposals announced at Karnataka GIM 2016
Some of the major investment proposals announced at Karnataka GIM 2016 are:
- Investment proposal of Rs 2,000 crore ($0.29 billion) in telecom, apparel, and retail businesses by the Aditya Birla Group
- Proposal to set up Dhirubhai Ambani Centre for Technology and Innovation in aerospace in Bengaluru by the Anil Dhirubhai Ambani Group
- Proposal to invest Rs 11,500 crore ($1.69 billion) in the power sector by the Adani Group
- Investment commitment worth Rs 35,000 crore ($5.14 billion) in Karnataka in the timeframe of three to four years by JSW
- Investment plans of Rs 1,000 crore ($0.15 billion) in 2016 by Robert Bosch
- Announcement by Infosys to build its fourth development centre at Hubli
- Wipro IT business announced its plan to add 25,000 people in Karnataka
- The Ministry of Roadways has announced its decision to build 4000 km of national highway in Karnataka. It announced an investment of Rs 60,000 crore ($8.82 billion) for road development in Karnataka before December 2016
- The Ministry of Roadways has committed to invest an additional Rs 40,000 crore ($5.88 billion) for national highways, and Rs 200 crore for port development in Karnataka in 2017
- The State Government has proposed a centre for National Institute of Pharmaceutical Education and Research (NIPER) in Karnataka
- The Karnataka State Government announced plans for 1.3 million tonne urea producing plant in North Karnataka
- The State Government proposed to develop a R&D centre of Central Institute of Plastics Engineering and Technology in Bengaluru