Overwhelming response to Invest Karnataka-Hubballi Conference

As many as 51 memorandums of understanding signed; Rajesh Exports plans to invest ₹ 50,000 crore to manufacture electric vehicles and lithium cells and batteries

The investors meet, Invest Karnataka-Hubballi Conference, organised with the objective of attracting investors to the northern districts of Karnataka, particularly tier-2 and tier-3 cities, received an overwhelming response with 51 MoUs (Memorandums of Understanding) being signed here on Friday.

A few of the major investment proposals that exceeded a thousand crores, including an MoU worth an investment of ₹ 50,000 crore of Rajesh Exports, were signed during the inaugural session of the event in the presence of Chief Minister B.S. Yediyurappa. The remaining MoUs ranging from a few crores to a few thousand crores were signed and documents exchanged during the valedictory session in the presence of Deputy Chief Minister Laxman Savadi.

Rajesh Mehta of Rajesh Exports, which has proposed to invest ₹ 50,000 crore for establishing a unit to manufacture electric vehicles and lithium cells and batteries, declared that Karnataka had the best ecosystem for investment and appealed to others to invest in the State.

Some of the other MoUs pertaining to major investment proposals that were signed during the event were: Sonali Power Private Limited for hybrid wind and solar power project in Davangere district (₹ 4,800 crore); Netcap Power Pvt. Ltd for waste to energy MSW and biomass conversion to fuel and electricity at Hubballi (₹ 3,000 crore); Jettwings Aerospace and Aviation Ltd. for setting up Jettwings Flight Training Academy at Dharwad (₹ 2,060 crore); Ayana Renewable Power Private Limited for Solar/ Wind/ Hybrid power project at Hubballi (₹ 3,000 crore), and Luxor Power Private Limited for 275 MW solar power project at Mulvad in Vijayapura district (₹ 1,200 crore).

HPCL and IOCL were also among the public sector companies that signed MoUs for their projects in North Karnataka. The investment proposals pertained to projects in various sectors in the districts of Dharwad, Gadag, Haveri, Davangere, Belagavi, Yadgir and others. The projects pertain to hybrid power, food processing, machinery, construction industry, FMCG and other sectors.

Addressing a press conference after the valedictory session along with Union Ministers Pralhad Joshi and Suresh Angadi, Minister for Large and Medium Industries Jagadish Shettar said that the investors meet had received overwhelming response and for the first time, companies had come in good numbers to invest in tier-2 and tier-3 cities. This was a welcome development for ensuring uniform industrial development in the State, he added.

He said that the MoUs would be taken forward and pursued by the officials of the departments concerned to facilitate early execution. He said that he would personally review the progress in the coming months.

To a query, Mr. Pralhad Joshi said that the percentage of MoUs materialising could vary and it was natural. But efforts would be made to ensure that more MoUs were executed and for that to happen, there was a need for lower-level officials to have a positive approach while giving clearances, he said.