'Karnataka eyeing aerospace, semiconductor industries for investment,' says Murugesh R Nirani

Karnataka’s Large and Medium Industries Minister Murugesh R Nirani, on Tuesday, said that his government is focusing on attracting aerospace and semiconductor industries to the state.

Since Bengaluru is the IT hub of the country, there is huge potential for the two industries in the state. “We are hoping to get such industries to set up their bases in Karnataka,” the minister said.

Nirani, who was holding a road show for the Global Investors Meet 2022 in the national capital on Tuesday, told reporters that the Karnataka government expected over Rs 5 lakh crore investment in the meet.

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The Global Investors Meet will be held after a hiatus of six years from November 2-4 in Bengaluru. Prime Minister Narendra Modi will address the event virtually. Union ministers Nirmala Sitharaman, Piyush Goyal, Smriti Irani, Pralhad Joshi and others will also participate in the event, Nirani said.

According to him, Karnataka government has earmarked a total of 50,000 acres of land for investors keen to invest in the state; of this, 20,000 acres are in Bengaluru and 30,000 acres in other parts of Karnataka.

The state attracted Rs 62,085 crore investments in the last fiscal, and became the recipient of 38 per cent of the country’s total Foreign Direct Investments (FDIs), he claimed.

Additional Chief Secretary (Commerce and Industries), E V Ramana Reddy said several meetings were held with representatives of top companies in the national capital looking for collaboration opportunities.

During the one-day roadshow, Karnataka’s delegation led by minister Nirani, met representatives of ITC, Scape India, Renew Power, Sembcorp Energy, Dalmia Cement, Sterling Tools, Nestle, Jubilant Food Works, Garuda Aerospace, Ocean Pearl Hotels, V-Guard Industries and Nithin Sai Renewable.