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Friday, June 4, 2010

Karnataka gets Rs 4 lakh-cr investment this year

Fri Jun 04 2010

Karnataka has reconfirmed its status of being one of the premier investment destinations in the country by sewing up investments totalling over Rs 4 lakh crore this year. As part of the two-day Global Investors Meet (GIM) that began Thursday over 400 MoUs will be signed, some of which involve global giants such as Posco, ArcelorMittal, Infosys, Wipro, Essar, GAIL and the Aditya Birla Group.

The state’s image as an investment destination had taken a beating over the years, with the successive state governments, post the SM Krishna regime, taking little or no decisive steps to attract global firms. But it looks like the state has caught hold of the magic wand again, and has even attracted investments in districts like Gulbarga, Bagalkot and Belgaum. Over 60% of the projects would be located outside Bangalore.

“We are very buoyant on Karnataka,” said Kumar Mangalam Birla, chairman of the Aditya Birla Group which is investing Rs 8,500 crore in different ventures in the state, a bulk of it in cement plants. The new investment can create 15,000 jobs in the state. The group, which has a presence in Karnataka since the 1970s, has so far invested around Rs 5,000 crore in the state including investments in its fibre and aluminium plant, financial services and retail.

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