By Ishita Malakar
The Karnataka Global Investors Meet, held in Bangalore was a gala meet of big investors from the industry where on day one, investments worth of Rs. 5 Lakh crore was announced. What made the event even more special was the presence of eminent personalities like Chairman and Managing Director of JSW Group, Mahindra Group Chairman and many more. Along with the investments made, different other Memorandum of Understanding (MoUs) were also signed with various domestic as well as foreign countries from across the world.
Sajjan Jindal, who is the Managing Director and Chairman of the JSW Group has announced an investment worth of over 1 lakh crore rupees, which is done aiming to expand the conglomeration operations in the state of Karnataka.
Out of the 1 lakh crore investment made, Rs. 43,000 crores will be used to expand Vijayanagar and make it the largest and the most advanced steel plant in the world as was mentioned by Mr. Jindal. Rs. 56,000 crores will be invested by JSW Energy Ltd for wind projects, solar projects, battery energy storage, manufacturing of blades and setting up of wind turbine generator plants. The main focus in this area was that the investment would mainly be made for renewable energy resources and also to reduce pollution.
Tata Power Renewable Energy Limited has asked for Rs. 50,000 Crore in order to implement RE Projects and for rooftop solutions all across Karnataka. ReNew Power, another investor announced an investment worth of Rs. 50,000 crore for setting up of 4GW of these Renewable Energy Projects. Another investor named Serentica Renewables India Private Limited also pledged to make an additional investment worth of Rs. 43,975 Crore Rupees in the following sector.
The other investments include Baldota Steel and Power Limited, invested Rs. 54,000 crores for an integrated steel plant. The Mahindra Group has also announced almost Rs. 40,000 crores worth of investment for Karnataka as was mentioned by their chairman Anand Mahindra. The will be implementing over 5GW Solar and hybrid projects which is aimed at generating about 6000 to 8000 new jobs for Karnataka.
5,000 and 6,000 crores will also be invested by Mahindra Lifespaces for the upcoming future changes and developments in the industry sector. Several other investments are also planned to be performed by Mahindra Aerospace. Tourism, especially focusing on areas like Gokarna and Hampi which includes major sectors, will also be invested by the Mahindra Holidays amounting to about 1,000 crore rupees.
Tata Advanced Systems has also spoken about the establishment of a new repair and overhaul (MRO) centre to facilitate the India Air Force’s Lockheed Martin’s C- 130J fleet because Bangalore is considered as the epicentre for manufacturing of defence and research goods.