Bengaluru: The Government of Karnataka delegation, led by its Minister for Large and Medium Industries and Infrastructure Development, M B Patil, on Wednesday, met the senior executives of South Korean companies -- YG-1, Krafton, Go Pizza, HY Automotive Controls-- to bring investments to the state.
The delegation visited the R&D facility of YG-1--a cutting tool manufacturer- in Incheon, South Korea. During the meeting with senior executives of the company, an agreement was reached for a $150 million investment in Karnataka. The discussions were centered on YG-1's future plans in India and export strategies. The delegation highlighted the state's strong manufacturing ecosystem, including Tumakuru Machine Tool Park (TMTP) -- a manufacturing unit operated by YG-1-- and shared the incentives and swift approvals offered under the state's industrial policy.
Krafton Inc-- a company engaged in video game publishing-- plans to open a gaming station in Karnataka and hire more engineers from India. It also mentioned its focus on game development across platforms and global studio acquisitions. Since 2021, It has invested $140 million in Indian startups in e-sports, multimedia entertainment, content creation, and audio platforms.
Assured by the government support, Go Pizza intends to prioritise India moving forward, and is eyeing expansion in Bengaluru by tripling its factory size in the city. The delegation invited the company to explore more opportunities in Karnataka, leveraging the state's conducive FMCG ecosystem and progressive policies. It is targeting over Rs 150 crore in sales by the end of the current fiscal in India, to replicate Domino's success.
Discussing their expansion plans in India, HY Automotive Controls (HYAC) talked of their scouting for a 3-acre land near Bengaluru for their plant, with Patil. The decision to expand into India is driven by key customer requirements from Hyundai and Kia, aiming to establish India as a strategic export hub as an alternative to their current manufacturing base in China. With India's fast-growing auto market, HYAC sees significant opportunities for growth and expansion.
The meetings were also attended by Selvakumar S, IAS, Principal Secretary, Department of Commerce and Industries and Gunjan Krishna, IAS, Commissioner for Industrial Development and Director, Department of Commerce and Industries.
Published 03 July 2024, 23:07 IST