Karnataka Clears Investment Proposals Worth Over Rs 75,000 Cr, Including Foxconn's Project

Among the 18 projects that were approved by the State High-Level Clearance Committee under the chairmanship of Chief Minister Basavaraj Bommai, 10 are new, five are expansion projects

The Karnataka government on Monday approved 18 projects with a total investment of over Rs 75,000 crore, including a proposal by tech giant Apple's contract manufacturer Foxconn for Rs 8,000 crore.

Among the 18 projects that were approved by the State High-Level Clearance Committee under the chairmanship of Chief Minister Basavaraj Bommai, 10 are new, five are expansion projects, and three are additional projects with all the investment proposals expected to provide employment opportunities for 77,606 people.

Investment projects worth Rs 75,393.57 crore are expected to further push industrial growth and generate direct and indirect employment opportunities in Karnataka, an official release said.

Foxconn Hon Hai Technology India Mega Development Private Limited (FHH) would invest Rs 8,000 crore with employment opportunities for 50,000 people, it said.

A delegation led by Foxconn CEO and Chairman Young Liu had visited the state and held a meeting with Chief Minister Bommai a fortnight ago in Bengaluru.

"We are happy that the state has received such a huge investment. The proposals for green hydrogen, ethanol production, wind energy power plant, electrical and electronic items assembling, lithium batteries and electric vehicles, and cement and steel companies in the state have been approved in the meeting. Karnataka’s contribution to the manufacturing sector will be remarkable in the country," Bommai said.

Expressing happiness over the volume of investment proposals received, Large Industries Minister Murugesh R Nirani said it is a testimony to the industry-friendly policies and the conducive ecosystem provided by the state government.

Stating that Karnataka is at the forefront of the renewable energy, ethanol production, and manufacturing sector, he said: "To encourage green hydrogen production, ethanol production, aerospace, and renewable energy, ESDM (Electronics System Design and Manufacturing), we have approved proposals from Amplus Active Private Limited, Ayana Renewable Power Six Private Limited, Vishwaraj Sugar Industries Limited, TATA Advanced Systems Limited." "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 this meeting," he added.

(This report is published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)