Karnataka draws Rs 28,000 cr investment in 4 months

Despite the distressing economic scenario, Karnataka received an investment of around Rs 28,000 cr in the last four months, which is expected to generate around 45,000 jobs.

According to the Commerce and Industries department, the investments were mostly related to expansion of existing units and the government had already cleared the proposals.

Among the major investments during the current fiscal were: Rs 13,026 cr by JSW Vijayanagar Metallics Ltd; Rs 1,347 cr by Cerulean Energy Solutions Pvt Ltd and Rs 1,085 cr by Siemens Healthcare. The state high-level clearance committee cleared Rs 18,989 cr worth investment, generating 10,224 jobs according to the department.

The state-level single window clearance committee approved projects worth Rs 5,679 cr and land audit committee cleared projects worth Rs 1,471 cr. The key sectors of investment include iron and steel, engineering, IT/ICT, infrastructure and automobile.

Gunjan Krishna, Director, Department of Industries and Commerce told DH that all the investments were cleared by the government. “These are not just MoUs. The investors have filed applications and received all the required clearance,” she said. Investment proposals of around Rs 3,000 cr were under various stages of approval, she said.

The proposals were received were during the fag end of the last fiscal, April, and recently in June and are being implemented during the current fiscal, she said.

Other investments include Rs 900 cr by Epsilon Carbon Pvt Ltd; Rs 761-cr project by Vanya Steels Pvt Ltd; Rs 495 cr by Tata Consultancy Services and Rs 456 cr by Jaganmayi Regency Park Pvt Ltd among others, according to data released by the department.