Karnataka inks a dozen pacts at Vibrant Gujarat

Karnataka Monday signed agreements at the Vibrant Gujarat Summit here with dozen firms for a combined investment of Rs.50,100 crore in the state across sectors like IT, education, tourism infrastructure, solar energy and aerospace.

"A high-level delegation, led by Commerce and Industry Secretary K. Ratna Prabha, held meetings with potential investors and signed agreements with 12 firms for collectively investing Rs.50,100 crore across sectors in the state," the state industry department said in a statement here.

Of the dozen firms, Hydro Design Management Company Ltd has expressed interest in investing Rs.10,000 crore for a 1,000 MW pumped storage hydro project, Rare Earth Holdings Ltd to invest Rs.9,300 crore for a LNG terminal and Convalt Energy India Ltd to invest Rs.6,200 crore for a 900 MW pumped storage hydro project.

Similarly, Hydro Design Management Company Ltd has proposed to invest Rs.2,000 crore on 100 MW wave energy project, Sunihar Enterprises Ltd to invest Rs.1,000 crore for an IT park, Sunihar Enterprises Ltd to invest Rs.1,000 crore to build a smart city, and Envee Developers to invest Rs.900 crore to set up a medicity.

Florida-based Creative Choice Group has come proposed to invest Rs.5,650 crore to build industrial infrastructure infocity in the state's northern and southern regions.

"The 75-member official-cum-business delegation networked with participants and flagged advantages of investing in the state. The delegates also interacted with a large number of overseas and domestic firms and explored new deals," the statement added.

The official delegation met members of the India-China council for economic cooperation, Singapore business federation and an Israeli delegation at the summit.