Karnataka bags investment commitment for ₹6,450 crore from Japanese, South Korean firms: M.B. Patil

Published - July 10, 2024 10:20 pm IST - Bengaluru

Large and Medium Industries and Infrastructure Development Minister M.B. Patil addressing a press conference in Bengaluru on Wednesday.

Large and Medium Industries and Infrastructure Development Minister M.B. Patil addressing a press conference in Bengaluru on Wednesday. | Photo Credit:

The Karnataka government has bagged ₹6,450 crore investment commitments, mostly from six large companies, from Japan and South Korea, said Large and Medium Industries and Infrastructure Development Minister M.B. Patil here on Wednesday.

At a press conference, he said a State delegation headed by him had toured Japan and South Korea for a fortnight and secured investment commitments to the tune of ₹6,450 crore which could create more than 1,000 jobs.

Future collaborations

The Minister also said that in addition to this investment commitment, there were also promising leads worth ₹25,000 crore identified for future collaborations from companies from Japan, Korea, and Karnataka. “Beyond immediate commitments, we have identified sizable leads across automotive, electronics, and energy solutions sectors. These leads signify potential future investments and underscores the State’s strategic importance as an investment destination,” the Minister claimed.

The delegation met 35 industry leaders and 200 companies and also participated in roadshows in these countries. In Japan, the delegation met with key industry leaders, including those from Renesas Electronics Corporation, Toyota Motor Corporation, Yamaha Motor Company, Sumitomo Heavy Industries, Panasonic Energy, Nidec Corporation, Nissan Motor Corporation, Brother Industries, Shimadzu Corporation, and Hitachi. In South Korea, they held important meetings with Samsung Electronics, LG Energy Solutions, LX Electronics, NIFCO Korea, OCI Holdings, Krafton, HYAC, Hyundai Motors, Hyosung Advanced Materials, and others.

Osaka Gas to expand

Osaka Gas has committed to expanding its gas distribution infrastructure in the State with an investment of ₹5,000 crore over the next five years, informed the Minister.

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