Karnataka govt garners historic investment proposal worth Rs 1.74 lakh crore
Oct 22, 2022
Bengaluru (Karnataka) [India], October 23 : Chief Minister Basawraj Bommai-led Karnataka Governmnet on Saturday approved 11 projects worth over Rs 1.74 lakh crore.
The 60th meeting of the State High-Level Clearance Committee held at Krishna presided by Bommai approved 11 projects with a total investment of Rs 1,74,381.44 crore.
This is the first time that the state has cleared projects of this tune.
An official release said that among the 11 projects that got approval, eight are new and three are additional projects which are expected to create employment for 41,448 people.
The investment projects are expected to further push industrial growth and generate direct and indirect employment opportunities in Karnataka.
Speaking at the meeting, Chief Minister Basavaraj Bommai, said, "Green energy is the future. In this regard, the proposals for green hydrogen and ethanol production companies in the state have been approved in the meeting. Karnataka's contribution to the share of the green hydrogen export will be high in the country and will start in 2026",
"In order to encourage green hydrogen production we have approved proposals from Acme Clean Tech Solutions Pvt. Ltd, JSW Green Hydrogen Ltd. Avada Ventures Pvt. Ltd and Renew E-Fuels private. We are happy that the state has received such a huge investment ahead of Global Investor's Meet. This has indeed raised our expectations," he added.
State Industries Minister Murugesh R Nirani said Karnataka is at the forefront in the renewable energy sector, and the state government is formulating a green hydrogen policy.
"Karnataka is the third largest sugarcane growing state in the country and also is the highest producer of ethanol. We are glad that the green energy sector investment proposals have been approved in today's meeting," he added.
According to the statement, ACME Cleantech Solutions Private Limited, Haryana - Rs 51,865 crore; Avaada Ventures Pvt Ltd, Mumbai - Rs 45,000 crore; JSW GREEN HYDROGEN LIMITED, Ballari - Rs 40,148 crore; ReNew E-Fuels Private Limited, Gurgaon - Rs 20,000 crore; Atria Power Holdings Pvt. Ltd., Bengaluru - Rs 9,454 crore; Kirloskar Ferrous Industries Ltd, Koppal - Rs 3,025 crore; JSW NEO ENERGY LIMITED, Mumbai - Rs 2,579 crore; and Continental Automotive Components (India) Pvt. Ltd, Bengaluru- Rs 920 crore were the proposals which were cleared.
Toyota Kirloskar Motor Private Limited, Ramanagara - Rs 511 crore; G M Sugar and Energy Ltd., Bangalore - Rs 49.44 crore; and Resources Pellets Concentrates Pvt. Ltd., Bellary Rs 830 crore were the additional proposals.
Minister for Agriculture BC Patil, Minister for Large and Medium Irrigation Govind Karjol, the Chief Secretary to the Government Vandita Sharma, Additional Chief Secretary to government Dr E. V. Ramana Reddy and other senior officers of the Government were present.
