MoUs for investment of more than Rs 1 lakh cr are being signed: BS Yediyurappa

Karnataka Chief Minister B S Yediyurappa stated that MoUs for investment of more than Rs one lakh crore at different places in North Karnataka region are being signed. He made the announcement at 'Invest Karnataka' Hubballi conference held here on Friday.

Speaking after inaugurating the event, he assured that the government would extend all support required for the industrial growth of Tier 2 and 3 cities. Land Reforms Act is being amended for speedy allotment of land for industries. 'Industrialise or perish' is the economic philosophy of our government. Karnataka would contribute considerably in making India a $ five trillion economy, he added.

CIPET for Hubballi

Union Chemicals & Fertilisers Minister D V Sadananda Gowda announced that a Central Institute of Plastics Engineering & Technology (CIPET) would be set up in Hubballi.
Union Parliamentary Affairs Minister Pralhad Joshi stated that coal sector has been opened up and anybody can participate in bidding. The target is to stop coal imports by 2024, by producing one billion tonnes of coal, he said.

Union Minister of State for Railways Suresh Angadi, DyCM Govind Karjol, ministers Jagadish Shettar, Basavaraj Bommai, C C Patil, and others were present.

Huge investment

More than a dozen MoUs were exchanged between Commerce & Industries Department officials and industrialists who have decided to invest in the region, at the inaugural session itself.

The MoUs included proposal of electric vehicle and lithium ion batteries manufacturing unit near Dharwad, by Rajesh Exports, with Rs 50,000 crore proposed investment and creation of 10,000 jobs.

Another major MoU is for setting up of a hybrid wind and solar power plant by Hyderabad-based Sonali Private Limited, in Davangere, with Rs 4,800 crore proposed investment and 2,100 jobs.

Earler, dates of 'Invest Karnataka' investors' meet to be held at palace grounds in Bengaluru were officially announced as November 3, 4 and 5.

Potential of North Karnataka region for industrial growth was highlighted. Session on FMCG sector and MoU signing followed the inaugural session.