"Karnataka Greenlights 62 Industrial Investment Projects Valued at Rs. 3,607 Crore"

In a significant development, Karnataka granted approval to 62 industrial investment proposals on Tuesday, amounting to a total value of Rs. 3,607.19 crore. These projects, sanctioned by the State Level Single Window Clearance Committee (SLSWCC), have the potential to generate employment opportunities for 10,755 individuals within the state.

The SLSWCC greenlit eight projects with a cumulative investment of Rs. 2,088.44 crore, expected to create 6,360 jobs. Prominent investors contributing to these projects include Texcon Steels, Hundri Sugars and Ethanol, Bren Life Sciences, Alpine Ethanol, Virupaksha Laboratories, and Qualcomm India, among others.

Of the 62 investment proposals, 51 fall within the Rs. 15 crore to Rs. 50 crore range, totaling Rs. 941.40 crore and presenting a combined employment generation potential of 4,395 jobs. Additionally, three projects, with an additional investment of Rs. 577.35 crore, received approval.

The memorandum of understanding (MoU) for these investments was formalized at the 26th Bengaluru Tech Summit (BTS) 2023. Investors committing to the state include Texcon Steels (Rs. 480 crore), Hundri Sugars and Ethanol Private (Rs. 476.54 crore), Bren Life Sciences (Rs. 230.56 crore), Alpine Ethanol (Rs. 229.19 crore), Virupaksha Laboratories (Rs. 212.55 crore), Qualcomm India (Rs. 175 crore), LRB Wood Industry (Rs 102.50 crore), and Matha Industries (Rs 102.1 crore).

The 26th Bengaluru Tech Summit was inaugurated by Priyank Kharge, Minister of Information Technology & Biotechnology and Rural Development & Panchayat Raj. Kharge expressed the state's vision, stating, "We are looking to build Karnataka as an investor destination, startup hub, innovation capital, resource destination, and manufacturing hub." Karnataka, renowned for contributing 42% of India's information technology exports and hosting one-third of India's technology talent, aims to further strengthen its position in various sectors, fostering innovation, investment, and economic growth.

BS