M B Patil.
Credit: DH File Photo
Bengaluru: Karnataka Industries and Infrastructure Development Minister M B Patil announced on Wednesday that his delegation, on its recent visit to Japan and South Korea, has secured investments worth Rs 6,450 crore from six major companies.
Additionally, the delegation has identified potential future investment opportunities worth Rs 25,000 crore, across sectors such as automotive, electronics, and energy solution. A senior official informed DH that talks were held with semiconductor companies during the visit but declined to share further details.
Among the confirmed investments, Osaka Gas will invest Rs 5,000 crore in expanding its gas distribution infrastructure in the state, DN Solutions will spend Rs 1,000 crore on building a precision tools manufacturing facility and Aoyama Seisakusho will invest Rs 210 crore in setting up an auto components manufacturing plant, Patil said at a media briefing.
Daiki Axis, HyVISION, and EMNI Co Ltd will jointly invest Rs 240 crore in producing environmental equipment, battery storage, and testing facilities. The location of these proposed manufacturing units has not been finalised yet.
However, due to their non-labor-intensive nature, all these investments have the potential to create only over 1,000 jobs, as per a statement by Patil’s department.
The delegation also engaged in meetings with Renesas Electronics Corp, Toyota Motors, Samsung Electronics, and LG Energy Solutions.
During the press conference, the minister also stated that a total of 122 projects, with the potential to create over 3 lakh jobs, were approved between the fiscal years 2018-19 and 2023-24. These projects have an investment value of Rs 4.29 lakh crore. Out of the total approved projects, 38 have been implemented, with an investment of over Rs 51,000 crore. The remaining projects are at various stages of implementation.
Combining implemented and under-implementation projects, the total number of projects stands at 106, with a total cost of Rs 2.8 lakh crore and providing employment opportunities for 2.9 lakh people, Patil said. Projects with investments exceeding Rs 500 crore typically take 3 to 5 years to complete, while those with investments over Rs 1,000 crore require more than 5 years, phased across various stages, he said.
In the last fiscal year (2023-24), 29 projects were approved and are currently under implementation, Patil said.
N Manjula, Secretary, Department of Infrastructure Development, S Selva Kumar, Principal Secretary, Gunjan Krishna, Commissioner of the Department of Industries, and Dr Mahesh, CEO of KIADB, were among those present at the briefing.