The Karnataka government on Wednesday, November 2, signed Memoranda of Understanding (MoUs) with 50 companies approving their investment proposals worth Rs 5.64 lakh crore on the first day of the Global Investors' Meet in Bengaluru. The highest investment proposal in terms of capital outlay came in the green hydrogen and renewable energy sectors.
According to the organisers of the three-day investors summit, the state signed MoUs with seven companies in the area of green hydrogen and its derivatives to the tune of Rs 2.91 lakh crore, while it entered into an agreement with nine companies in the area of renewable energy to the tune of Rs 1.29 lakh crore. In the sunrise sector, 16 companies signed MoUs worth Rs 70,381 crore, while in core sectors, six companies entered into an agreement with the state for investment proposals worth Rs 25,024 crore. In the area of infrastructure and industrial/logistic parks, eight firms signed MoUs worth Rs 43,500 crore.
On the manufacturing front in the areas of FMCG, textiles, sugar, biofuel and optical systems, the state signed MoUs with four firms for an investment proposal of Rs 4,704 crore. Karnataka Minister for Large and Medium Industries Murugesh Nirani said when the event will conclude on November 4, his department would release a detailed list of MoUs signed by various companies with the government to invest in the state.
Speaking at the inauguration of the global meeting, Karnataka Chief Minister Basavaraj Bommai on Wednesday said his government weighed all the business proposals while signing the investment proposals in the state. "The state government has seriously considered all the agreements signed for investments in 'Invest Karnataka 2022', Global Investors’ Meet and all necessary permission and cooperation will be given to make the business proposals to become reality," he said. He added that the government would create an industry-friendly atmosphere in the state.
"The aim before the government is to make these investments into reality. The investments which are currently on paper, must become reality. Already, Rs 2.80 lakh worth investment proposals have been approved and all the proposals which were signed in this meet will be approved in next three months. Since the government is serious on the investments, even the investors must be equally serious," CM Bommai said.