Karnataka govt clears investment proposals worth Rs 26,000 crore

The State High Level Clearance Committee (SHLCC) chaired by Chief Minister BS Yediyurappa on Monday approved five projects with a combined investment of Rs 26,659 crore that are expected to generate 13,341 jobs.

A lion's share of the new investments will be by Elest Private Ltd, which will invest Rs 20,594 crore in two projects at Hubballi-Dharwad, according to a release from the government.

According to information available in the public domain, Elest Private Ltd was incorporated in October and has Bengaluru-based billionaire Rajesh Jaswanth Rai Mehta and Prashanth Mehta (of Rajesh Exports) as its directors.

This company will set up an electric vehicle manufacturing unit on 85 acres of land in Hubballi-Dharwad with an investment of Rs 14,255 crore and generate 867 jobs.

Their second project is a lithium-ion cells and battery manufacturing unit on 88 acres of land in Hubballi-Dharwad worth Rs Rs 6,339 crore, with an employment of 1,804.

Another investment approved by the SHLCC is a joint deal between an Indian company and Korean automotive manufacturer Hyundai. The firm, Hyunet Private Ltd, will invest Rs 1,825 crore and create 2,210 jobs through a unit to manufacture lithium batteries and electric vehicles on 300 acres of KIADB land in Hosahudya village in Bagepalli, Chikballapur.

Two other units related to the power sector were also approved -- Miraculum Green Power Private Ltd will invest Rs 1,290 crore generating 2,820 jobs and Sanali Power Private Limited will pump Rs 2,950 crore to create 5,640 jobs. Both are hybrid wind-solar power projects coming up at Jagalur in Davangere where Miraculum will lease 700 acres and Sanali 1,710 acres.