Karnataka approves 62 industrial investment projects worth Rs 3,607 cr

Minister says state is aiming to be 'investor destination, startup hub, innovation capital'

Karnataka approved 62 industrial investment proposals worth Rs 3,607.19 crore on Tuesday with an employment generation potential of 10,755 in the state. The State Level Single Window Clearance Committee (SLSWCC) approved eight projects that involve investments totalling to Rs 2,088.44 crore. The proposals have the potential to create 6,360 jobs.

Some of the top investors include Texcon Steels, Hundri Sugars and Ethanol, Bren Life Sciences, Alpine Ethanol, Virupaksha Laboratories and Qualcomm India among others. Of the 62 investment proposals, 51 are between Rs 15 crore and Rs 50 crore and amount to Rs 941.40 crore. They have employment generation potential of 4,395. Three projects with an additional investment of Rs 577.35 crore were approved too. The MoU was signed at the 26th Bengaluru Tech Summit (BTS) 2023.
Companies that have committed investing in the state include Texcon Steels (Rs 480 crore), Hundri Sugars and Ethanol Private (Rs 476.54 crore), Bren Life Sciences and others. 

 (Rs 230.56 crore), Alpine Ethanol (Rs 229.19 crore), Virupaksha Laboratories (Rs 212.55 crore), Qualcomm India (Rs 175 crore), LRB Wood Industry (Rs 102.50 crore), and Matha Industries (Rs 102.1 crore).

A memorandum of understanding (MoU) was signed at the 26th Bengaluru Tech Summit (BTS) 2023, which was inaugurated by Priyank Kharge, minister of information technology & biotechnology and rural development & panchayat raj.

“We are looking to build Karnataka as an investor destination, startup hub, innovation capital, resource destination, and manufacturing hub,” Kharge said. Karnataka contributes 42 per cent of India’s information technology exports and it is home to one-third of India’s technology talent. India has received funding of $3.42 billion in the artificial intelligence sector.

Vandita Sharma, chief secretary of Karnataka, and Bagdat Mussin, minister of digital development, innovations and aerospace industry of Kazakhstan, were among people who attended the summit.