Karnataka inks MoUs worth Rs 32,200 crore

The Karnataka government inked memoranda of understanding (MoU) with Petronas Hydrogen and Continental India, which are expected to attract investments worth Rs 32,200 crore.

The two agreements are likely to create 9,000 jobs.

Petronas Hydrogen will invest Rs 31,200 crore for a renewable energy plant at Mangaluru. According to a release from the Chief Ministers' Office, this investment is expected to create 3,000 jobs.

Continental India will establish its research and development centre in the state and will invest Rs 1,000 crore via the Foreign Direct Investment route. This is expected to create 6,000 jobs.

Continental India is involved in the development of automotive software and communication technologies. Its investment will be to extend its R&D arm, Technical Centre of India.

This is among the slew of investments attracted by the state in recent days. During the World Economic Forum meeting at Davos, Haryana-based Acme Cleantech solutions had agreed to invest Rs 52,000 cr in Mangaluru. The firm will establish an Ammonia and Hydrogen unit, apart from a solar energy generation plant.