Investment-starved Karnataka is all set to get a big boost as many Japanese companies have shown interest to invest in the Japanese Industrial Township (JIT) at Vasanthanarasapura, about 90 km from Bengaluru.
While nearly a dozen Japanese companies have expressed a keen interest to set up shop at the Japanese Industrial Township, two companies -- Kirloskar Toyota Textile Machinery Pvt Ltd and Showa India Private Limited have received the state government approval for their investment proposals. Both the companies together will be investing around Rs 580 crore.
“The Japanese Industrial Township is being developed at Vasanthanarasapura in Tumakuru district along the Chennai-Bengaluru Industrial Corridor (CBIC). The state government has allotted 519.55 acres land for the township,” Gaurav Gupta, Principal Secretary, Department of Commerce and Industries told DH.
He said the government has given approval to Kirloskar Toyota Textile Machinery Pvt Ltd to begin its operations at the township. The company has been allotted 41 acres to set up its facility. It will be investing Rs 401 crore on its new plant that will generate employment for more than 800 people. The government has also allotted 18.46 acres land to Showa India Private Limited to establish a unit for the manufacturing suspension system and products for an investment of Rs 180 crore, he said.
10-11 companies are waiting for approval, he said adding that there could be around 100 companies setting up shop in the township once it is fully occupied. Out of 530 acres earmarked for the township, as much as 350 acres will be allottable to industries. “The Japanese industrial township will give impetus to Japanese investment in the state as well as boost tourism between India and Japan,” Gupta added.
Karnataka is home to one of the largest clusters for Japanese companies in India. Some of the big names include Toyota Kirloskar Motor, Honda Motorcycle and Scooters India, Toyota Kirloskar Auto Parts, Toyota Boshoku, Toyota Mitsubishi Engineering Industrial Corporation (TMEIC) and Mitsubishi Elevators among others. There are as many as 529 Japanese establishments in India.
The key sectors in focus at the JIT will be heavy engineering, machine tools, automotive and aerospace components among others. The township will be a gated community with modern infrastructure. There will be common facilities for packaging and other assorted activities, Gupta said.
Last year, a Japanese delegation led by Japan’s Ambassador to India Kenji Hiramatsu visited the state and held discussion with the state government on the investment by Japanese companies in the state.
