Invest Karnataka 2016 attracts Rs 3.08 lac crore investment

From Our Special Correspondent
Additional Pics by Yahya Hallare

Daijiworld Media Network - Bengaluru

Bengaluru, Feb 4: As the curtains came down on the two-day mega global investment conclave organized by Karnataka – Invest Karnataka 2016 – the State Government patted itself on the back for having attracted a whopping Rs 3.08 lac crore investments with potential to create 6.7 lac jobs.

Karnataka’s Large and Medium Industries Minister R V Deshpande, the driving force behind the mega event from the word go, beamed with pride that projects of as much as 56 % of the total investment or Rs 1.75 lac crore had already been approved by the State’s high power panel and single window agencies of various departments and district level single window agencies besides receiving MoUs (memorandum of understanding) and EoIs (expression of interest) to the tune of Rs 1.33 lac crore.

The energy sector garnered the highest investments valued at over Rs 1 lac crore, steel sector getting Rs 38,000 crore and chemicals sector netting Rs 24,000 crore.

Deshpande, however, was happy that the investment of Rs 1.10 lac crore announced by Union Road Transport and Shipping Minister Nitish Gadkari in his speech during the inaugural function on executing national highway and other road projects by the next year and the promise of Union Chemicals and Fertiliser Minister Ananth Kumar on setting up a fertilizer plant in North Karnataka for manufacture of 1.3 lac metric tonnes of urea per annum were additional investments to boost the investment climate and ecosystem in the State.

The response to the first global investors summit organized by the Siddaramaiah ministry by the domestic and foreign investors, entrepreneurs and all other stake-holders was "simply beyond imagination," Deshpande said and exclaimed that the feedback from the investor community, captains of trade and industry and other dignitaries was that "Invest Karnataka 2016 is one of the best investor summit held anywhere in India."

Karnataka felt elated that the State has been able to attract investments in all the key focus sectors, including manufacturing, pharma, bio-technology, information technology, IT enabled services, agri-business, urban infrastructure, infrastructure and tourism spread over the entire State, as it is a happy augury for the growth, development and prosperity.

Pointing out that the State had received investments of the order of Rs 27,000 crore when the global investors meet was first organized in the year 2000 and the implementation rate was 66 % or realization of investment to the tune of just Rs 18,000 crore, Deshpande said the Government was keen on ensuring that majority of the investment proposals received at Invest Karnataka 2016 become a reality. In order to speed up all clearances and hurdles, the Government has appointed officials to follow up on all projects with investments above Rs 200 crore.

"We also commit to have all projects approved by the high power committee and single window committees by May 15," he assured.

Among the major investment proposals for which MoUs or EoIs were signed during the Invest Karnataka 2016 summit with amount in crores of rupees are:

Adani Green Energy Ltd 18,500
JSW Steel Ltd 12,396
GETIT Green Energy Pvt Ltd 10,000
Essel Infra Projects Ltd 7,200
Fox Petroleum Ltd 7,000
Shriram Properties Pvt Ltd 5,920
Arab Investment Group (ARIG) &Soulspace Projects Ltd 4,500
SSS Aadhityaa Powers 4,200
SLR Metaliks 3,905
Solargise India Pvt Ltd (Solar IPP) 3,900
Ramky Infrastructure Ltd 3,700
Tenacity 3,500
Pipavav Electronic Warfare Systems PvtLtd 3,100
Refex Energy Ltd 3,000
Shri Vision Hitech (Solarpark) 3,000
Reliance – Aerospace Research Centre 2,570
Vodafone India Ltd 2,500
KIOCL Ltd 2,000
Japanese Park, METI 2,000
IMTMA Machine Tool Park 1,500
KanagalaIndtl Area, Belagavi 900
Harohalli Women Park 300
CIPET R&D Centre 90
Regional Techonology Incubation Centre 40

Total: 1,05,721


Centre to partner with States for developing Railway Connectivity: Prabhu

With infrastructure being the bugbear of several states for rapid development and growth, Union Railway Minister Suresh Prabhu announced that the Centre would partner with the State Governments for improving railway connectivity by entering into joint venture agreements for ownership of assets in developing railway stations and network.

"This is an important and historic decision of the Narendra Modi government," Prabhu said in his address to the valedictory session of the global investors’ summit – Invest Karnataka 2016 – in Bengaluru on Thursday.

The joint venture initiative envisages 49 % investment and ownership by the railways and 51 % share to the States, Prabhu said asking Karnataka to be a partner in this experiment as it would be a win-win situation.

Prabhu promised "in principle" agreement for taking up the suburban railway system to ease the traffic congestion in Bengaluru, which has emerged as India’s technology capital apart from being the leading IT hub, and said it was necessary to find innovative ways to mobilise the necessary funds and modes for executing the project as a joint venture. He also mooted the idea of developing greenfield satellite railway stations on public-private-partnership (PPP) basis as a joint venture to minimize the pressure and burden on the over-crowded city railway station.

Pointing out that Karnataka had received the highest-ever investment in any railway budget last year, he promised to address the other pressing demands of the State in the forthcoming budget later this month. With 400 top-class railway stations in the country and 8.4 million people travelling in the trains, the railways offered the best possible access for marketing with maximum footfalls and eyeballs. "It is imperative that States like Karnataka must take up joint venture tie-ups for developing the railway stations," he said.

Senior Congress leader and the party’s leader in the Lok Sabha Mallikarjuna Kharge, who spoke after Prabhu, felt the joint venture proposal for the States with 51 % investment and railways sharing 41 % was unfair to the States and a clever attempt to transfer the Centre’s responsibility of spreading the railway network to the States. Karnataka and other cash-strapped states with vast areas, especially in the north Karnataka facing drought regularly, must not be burdened, he said.

Kharge also asked the Centre not to waste its energies and resources by spending over Rs 1 lac crore for laying a 500-kms long bullet train from Mumbai to Hyderabad, which worked to an exorbitant cost of Rs 200 crore per kilometer, even though the financing was proposed to be done by Japan and France, as it eventually be a burden on the Indian Railways and instead alternatives like developing less costly high speed and industrial corridor trains.

Union Commerce Minister Nirmala Sitharaman said Japan and UK have evinced interest for investing in the Bengaluru-Mumbai corridor project while the Chennai and Bengaluru corridor project was progressing quite well. Tumakuru is slated to get a big boost as one of the three investment and manufacturing hubs in the corridor project with Japanese investment, while the other two would be in Andhra Pradesh and Tamil Nadu. A dedicated freight corridor is also proposed on Bengaluru-Mumbai route, which may be extended to Nava Sheva and further up to Delhi, she said.

Karnataka was contributing 6 % of the country’s GDP and growing at 7 % had the potential to even at a faster rate to ensure the growth and development of the country. At a time when the world’s FDI levels was falling at 16 %, it is heartening to note that India’s FDI rate was growing at 38 % with Karnataka emerging as the third largest recipient of FDI, she said.

Sitharaman also promised to aggressively follow up the vexed issue of movement of natural persons, especially in the IT sector, and exorbitant levy of Visa fees by the US. "I have already taken up the issue with US Trade Representative as it is an unnecessary non-tariff barrier," she said and declared that India will not give up its fight on the issue along with the concerns over totalisation.

Union Law and Justice Minister D V Sadananda Gowda and Union Minister of State for Civil Aviation G M Siddeshwara warmly complimented the State Government on its efforts to attract investments by organizing the mega global investors’ summit and pointed out the very fact that as many as eight Central ministers took part in the two-day Invest Karnataka 2016 event showed the importance attached by the Modi government for Karnataka. "We are one with the State in its quest for FDI and development," they said.

Karnataka’s Additional Chief Secretary K Ratna Prabha welcomed.



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Comment on this article

  • macho, mangalore

    Sat, Feb 06 2016

    Dear readers it is only signed, like this there were numerous investments summit in karnataka, gujrtah, success rate is below 5%. only announcement of investments, like how feku is giving false statement on FDI , and you see the dollar rate complete reverse.

    DisAgree Agree [3] Reply Report Abuse


    Fri, Feb 05 2016

    Excellent that Karnataka has become an investors destination. Thanks to the people and the State Government. Signed MOUs not materialising into Commissioned Projects (just 10-15%) needs to be studied. Something is seriously wrong in implementation.

    DisAgree Agree [1] Reply Report Abuse

  • Vincent Rodrigues, Promenade Road,Fraze Town,B'lore 560005

    Fri, Feb 05 2016

    Karnataka has become really investor's paradise and hope the state government keep up their commitment given to the investors without any delay and lapse.

    DisAgree Agree [8] Reply Report Abuse

  • Sanjeev Kamath, Udupi

    Fri, Feb 05 2016

    Adanis & Ambanis have been generous to Siddu!!
    Anyways, forthcoming election kharcha has been well taken care of.

    DisAgree [1] Agree [5] Reply Report Abuse

  • nagesh nayak, bangalore

    Fri, Feb 05 2016

    hey pauedos,

    all three days nideeramayya and useless ministers spent three days and enjoyed n star hotels.

    who will come to karnataka when :

    1. roads are full of pot holes.

    2. no electriciy.

    3. no water.

    4. no safety for women.

    5. last but not least sleeping govt.

    why pappu is favouring ow SHRI ADANI AND SHRI AMBANI GROUP in karnataka.

    now suit boot is ok for him and his party.

    why now of adani and ambani.

    why all anti nationals are kept mum on SRIPPING OF TANZANIA GIRL AND PARADE NAKED IN BANGALORE STREET.






    DisAgree [35] Agree [11] Reply Report Abuse

  • The Guru, Mangalore

    Fri, Feb 05 2016

    What is mr Roshan Baig doing in this event? Guess he taking over BMTC, since more then BMTC buses Roshan Baig has introduced NATIONAL buses in Bangalore streets which do not follow any traffic or pollution rules.

    DisAgree [1] Agree [3] Reply Report Abuse

  • iota, Mangalore

    Fri, Feb 05 2016

    any idea what is planned for Mangalore? When people have busy schedule throughout the day,I feel all these communal clashes will vanish.

    DisAgree Agree [7] Reply Report Abuse

  • Rajesh, MANGALORE

    Fri, Feb 05 2016

    Adani is given red carpet welcome by kerala & karnataka. at election time they cry Ambani & Adani given favors by BJP govt. The senior Ambani built his empire when Congress ruled. Ambanis naturally can do business with any govt and need to not support any single party.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Robert Paul D Souza, Mangalore

    Fri, Feb 05 2016

    See Siddaramaih keenness in reading a wine bottle, same thing is missing in observing other displays.

    DisAgree [1] Agree [6] Reply Report Abuse

  • bhuvan, kavoor

    Fri, Feb 05 2016

    hope it wont only will be implemented too..

    DisAgree Agree [6] Reply Report Abuse

  • Rakesh, Pune

    Fri, Feb 05 2016

    These companies are making a big mistake by planning to invest in Karanataka while Congi.. is reuling. Congi.. cann't be trusted a corrupt Party looted India for 67 Years. This Niddheramayya and his gov will loot these companies slowly if Congi.. remains in Power. I hope these companies know that Congi.. will not be in Power aftercurrent term, thats why these companies have showed some Interest in inversting Karnataka..

    DisAgree [18] Agree [7] Reply Report Abuse

  • Rajesh, Bangalore

    Fri, Feb 05 2016

    Adani and Modi nu aath doorudula ithe Adani ye bodu yenchi avasthe yenchi strategy marre.

    DisAgree [4] Agree [3] Reply Report Abuse

  • Vk, Mangalore

    Fri, Feb 05 2016

    Sad that despite being one of the most potential region, our Mangalore has got nothing in terms of investments. We will have to carry on building new new flats. God knows who is going to stay in those flats.

    DisAgree Agree [10] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Fri, Feb 05 2016

    Adani has committed to invest 11,500 crores for power plant at Yellur, near Padubidri and 2000 crores at Mangalore New Port for jetty. Whether this commitment is part of the now promised investment or not, I do not know.

    DisAgree [1] Agree [5] Reply Report Abuse

  • Valerian D'souza, Udupi / Mumbai

    Fri, Feb 05 2016

    Pleasantly surprised to know that Karnataka has been consistently figuring much above national average in GDP.
    And is steadily attracting lot of investment preferred destination!
    All this without much show off!
    All Credit goes to people of Karnataka.

    DisAgree Agree [11] Reply Report Abuse

  • Valerian D'souza, Udupi / Mumbai

    Fri, Feb 05 2016

    Also Thank Railway Minister Suresh Prabhu, for again and again announcing that the Centre would partner with the State Governments for improving railway connectivity by entering into joint ventures.

    DisAgree [4] Agree [8] Reply Report Abuse

  • Eric Coelho, Mangalore

    Fri, Feb 05 2016

    So much of these global invest meet has been held during congress and bjp regime and what has it attracted pollution of cities, failure of infrastructure, farmer's suicide, failure of education and health service and so on. These are all dongi's meet. I fear such meets are held for a huge corruption racket. All these pandals, shamianas etc costs huge amount of money. So a total cost of conducting such meet if it comes to Rs. 5 crores for the number of days mark my words it will be inflated to 15 crores. I don't think there will be any outcome from this meet as it is more of a picnic spot where overseas and local guests have come to enjoy and have fun. So in short it is a "Fun and Enjoy Global Invest Meet".

    DisAgree Agree [5] Reply Report Abuse

  • Rakib, Mangalore

    Fri, Feb 05 2016

    Sidramanna brake budle accelerator paadle... Dont worry... Best of Luck

    DisAgree Agree [3] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Feb 05 2016

    If these numbers are true India will be the Number One Country in the WORLD ...

    DisAgree [7] Agree [12] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Fri, Feb 05 2016

    Please allow me to make a little correction. This 3.08 lakh crores corresponds to 45.3 Billion dollars. America's budget is in Trillion dollars. Hence, Karnataka will become one of the most industrialized states in India.

    DisAgree [1] Agree [9] Reply Report Abuse

  • Rakesh, Pune

    Fri, Feb 05 2016

    Yes we have Nehru Dynasty is No 1 in world in wealth after looting India 67 years. Now Niddheramayya will become No 2 if these companies really invest in Karnataka. Even 10 % commission for Niddheramayya will make him No 2 in the world.

    DisAgree [12] Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Feb 05 2016

    Rakesh, you sound like a Pulchat ...

    DisAgree [5] Agree [6] Reply Report Abuse

  • Dr.Sharadh shetty, Mangaluru/malaysia

    Sat, Feb 06 2016

    I don't have any affection for Congress leaders or hatred against BJP one, but Siddaramaiah is one the scamless and cleanest ministers in Indian politics, though is an arrogant and stubborn person.

    DisAgree Agree [2] Reply Report Abuse

  • John, Udupi

    Fri, Feb 05 2016

    3.08 lakh crore is a decent figure and even if 50% is implemented, its a very good investment for the size and population of Karnataka. I remember BJP government under Yeddy had held a similar event and we were told 11.00lakh crore will be invested!. If I remember correctly, Reddy's themselves had committed to invest nearly 50.0 thousand crores!. BJP and bhakts who are talking nonsense today should reveal how much has been invested till date!. It looks Reddy's with help of Yeddy had planned to dig whole of Karnataka with 50K crores!

    DisAgree [5] Agree [12] Reply Report Abuse

  • santhosh, mangalore

    Fri, Feb 05 2016

    industries we need. but that shouldn't damage our climate or nature.specially birds and animals.

    DisAgree Agree [9] Reply Report Abuse

  • Mahendra Shetty, Mumbai mangalore

    Fri, Feb 05 2016


    DisAgree [20] Agree [14] Reply Report Abuse

  • Loyd, Mangalore

    Fri, Feb 05 2016

    Shettre,Modi Adani ra private jet vapas koiyara?

    DisAgree [5] Agree [11] Reply Report Abuse

  • bhuvan, kavoor

    Thu, Feb 04 2016

    thank god siddu dint sleep on stage this time..maryaade orither..

    DisAgree [9] Agree [10] Reply Report Abuse

  • Evans Christopher Sumitra, UDUPI/NEW YORK,USA.

    Thu, Feb 04 2016

    That's very good news. Kudos to all who invested in this "INVEST KARNATAKA 2016". Best of luck to all who invested in this project.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Feb 04 2016

    This is GENUINE ...

    DisAgree [11] Agree [8] Reply Report Abuse

  • hemanth, bangalore

    Fri, Feb 05 2016

    Yes Must be! Because it's said by congi govt. By the way who is suit boot ki sarkar? who is inviting Ambani and Adani for business?. poor farmers are committing suicide on daily basis. What's for poor farmers?

    DisAgree [7] Agree [1] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Feb 05 2016

    hemanth, you need puli minch rice ...

    DisAgree [4] Agree [5] Reply Report Abuse

  • hemanth, bangalore

    Fri, Feb 05 2016

    I am just pointing out your double standards. And some cooked up facts of yours.

    DisAgree Agree Report Abuse

  • alex, mangalore

    Thu, Feb 04 2016

    nice...big what did Mangalore get...Ghanta?

    DisAgree [1] Agree [12] Reply Report Abuse

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