Karnataka eyes Rs.1 lakh crore at investors' meet

The Karnataka government on Wednesday set a target of Rs.1 lakh crore in investments at the upcoming Global Investors' Meet (GIM) to be held here from February 3-5, an official said on Wednesday.

"In view of the overwhelming response to our road shows held across the country and overseas, we are setting a realistic target of Rs.1 lakh crore from the GIM-Invest Karnataka 2016," state additional chief secretary Ratna Prabha told reporters.

In the run-up to the event, Karnataka organised 72 Business to Government (B2G) meetings in Delhi, Mumbai, Hyderabad, as well as the US and France identifying 12 focus sectors.

In the road shows in India, the state received investment proposals worth Rs.25,000 crore and is hopeful of receiving more from domestic and overseas investors during the summit, said Prabha.

According to an audit committee meeting held on November 27, another Rs.36,193 crore worth of projects were in the pipeline, said an official statement.

Major investments so far include a Rs.2,300 crore Asian Paints plant in Mysuru, Rs.1,000 crore GSK pharmaceutical plant, Rs.600 crore Tata Power SED plant in Vemgal, Scania bus plant in Narasapura and Toyota engine plant in Bengaluru among others.