Ahead of investment meet, govt. clears ₹1.74 lakh crore investment proposals

Invest Karnataka summit will be opened by Narendra Modi on November 2

October 22, 2022 09:39 pm | Updated 09:39 pm IST

Ahead of the Global Investors’ Summit next month, the State High-Level Clearance Committee (SHLCC) headed by Chief Minister Basavaraj Bommai on Saturday approved investment proposals worth ₹1.74 lakh crore promising to generate more than 41,000 jobs, mostly in clean energy.

Biggest approval

The biggest approval was a 4.95 GW solar power project proposed by Gurugram-based ACME Cleantech Solutions with an investment of ₹ 51,865 crore to create 3,700 jobs in Tumakuru and other districts, according to sources.

Mumbai-based Avaada Ventures got an approval for its 2,000 MW solar/wind power project worth ₹45,000 crore at Udupi, Dakshina Kannada and Uttara Kannada districts, which is expected to create 14,000 jobs.

JSW Green Hydrogen Ltd will invest ₹14,148 crore on energy storage systems at Ballari, Chitradurga and Vijayanagara districts that would provide 841 jobs. Also, the JSW Neo Energy, a subsidiary of JSW Energy, will invest ₹2,579 crore to create 279 jobs at Ballari.

Green hydrogen project

Sources said Mangaluru would get a green hydrogen project worth ₹20,000 crore giving 2,000 jobs by Renew E-Fuels, another Gurugram-based firm.

Bengaluru-based Atria Power Holdings has proposed setting up 100 electric vehicle charging stations along highways and near bus depots across Karnataka in phases with an investment of ₹ 9,454 crore generating 11,000 jobs.

Kirloskar Ferrous wants to set up an integrated steel plant at Kanakapura and Koppal worth ₹3,025 crore providing 11,554 jobs. At Attibele, Continental Automotive will set up an auto components and research unit with an investment of ₹920 crore and 8,000 jobs.

The SHLCC also cleared proposals to expand existing businesses. Toyota Kirloskar will invest ₹511 crore for a passenger car and hybrid unit at Bidadi. At Hirekerur (Haveri), GM Sugars will invest nearly ₹500 crore on an ethanol plant. In Ballari, Resources Pellets Concentrates Pvt. Ltd. will set up a pelletisation plant worth ₹830 crore with 250 jobs.

Single-window clearance

The single-window agency of the Karnataka government has approved 35 projects involving investment of ₹1,747.37 crore on Friday. Minister for Industry Murugesh Nirani who chaired a meeting of the Karnataka Udyog Mitra on Friday cleared the investment proposals, which would generate 2461 jobs.

The Invest Karnataka - The Global Investors Meet 2022 - will be inaugurated on virtual mode on November 2 by Prime Minister Narendra Modi and also attended by Finance Minister Nirmala Sitaraman, Union Ministers Smiriti Irani, Bhagwanth Khuba, and Nitin Gadkari.

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