MoUs worth Rs 72k cr signed at Hubballi investors meet

MoUs worth over Rs 72,000 cr signed at Hubballi investors meet

Govt committed to develop NK into industrial powerhouse: CM

A section of participants at Invest Karnataka-Hubballi conference on Friday. (DH Photo)

Chief Minister B S Yediyurappa said that many companies/investors have come forward to invest more than Rs 1 lakh crore in tier 2 and 3 cities in north Karnataka region, at Invest Karnataka-Hubballi conference on Friday.

“The government is committed to develop north Karnataka region into an industrial powerhouse. This major initiative to boost investments in smaller cities outside Bengaluru is a historical one, and MoUs for setting up industries in this region are being singed,” he said.

Speaking after inaugurating the conference, Yediyurappa said that Sir M Visvesvaraya’s ‘Industrialise or perish’ mantra is the economic philosophy of his government. 

Global manufacturing clusters are proposed to be set up in north Karnataka region - toy cluster in Koppal, textile cluster in Belagavi, FMCG cluster in Hubballi, solar power cluster in Kalaburagi and agri implements cluster in Bidar. Industrial growth in the region would also be encouraged through Mumbai-Bengaluru economic corridor project, he said. 

The government has proposed to amend Section 109 of the Karnataka Land Reforms Act, so that land for industries can be allotted in 30 days, Yediyurappa added.

CIPET for Hubballi

Union Chemicals & Fertilisers Minister D V Sadananda Gowda announced that a Central Institute of Plastics Engineering & Technology (CIPET) unit would be set up in
Hubballi.

Union Parliamentary Affairs Minister Pralhad Joshi said that coal sector was 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.

MoUs signed

More than a dozen MoUs were exchanged between Commerce & Industries Department officials and industrialists at the conference. In all, 51 companies have promised to invest more than Rs 72,000 crore in north Karnataka

The MoUs included, a 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 Sonali Power, in Davangere, with Rs 4,800 crore proposed investment and 2,100 jobs.

Nearly 1,000 delegates from different companies attended the conference.

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