The investment proposals being cleared by the Karnataka government are now expected to touch Rs. 5-lakh crore by the end of the two-day Global Investors Meet (GIM) that begins in Bangalore on June 3, according to Minister for Large and Medium Scale Industries Murugesh R. Nirani.
Addressing a press conference in Bangalore on Monday, after inspecting the preparations for holding the GIM at the Palace Grounds, the Minister said the government had decided to hold a meeting of the State High-Level Clearance Committee (SHLCC) on the last day of the GIM (June 4) as new investment proposals were still coming in. The SHLCC would accept applications on investment proposals till noon on June 4, he said.
The Minister said the government would sign about 400 memoranda of understanding with leading industrial houses such as ArcelorMittal (Rs. 30,000 crore for a steel plant); Shell (Rs. 1,376 crore for a R&D Centre); Lafarge (Rs. 1,500 crore for a cement plant); Tata Elxsi (Rs. 486 crore for a hardware designing unit); Birla Cement (Rs. 3,000 crore); Reliance (Rs. 6,796 crore for gas pipeline); GAIL (Rs. 8,656 crore for gas pipeline), Infosys and Wipro.
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More than 2,000 delegates were expected to participate in the GIM, he said.
Top industrialists and investors who had confirmed their participation included Lakshmi Mittal of ArcelorMittal, Kumaramangalam Birla of the Aditya Birla Group, Raghupathi Singania of JK Tyres, Sajjan Jindal of JSW Steel, Vikram Kirloskar of Toyota Kirloskar Motors, Vijay Mallya of the UB Group.