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Birla, Jindal, Tanti announce investments in Karnataka

KR Balasubramanyam     June 8, 2012
K R BalasubramanyamAditya Birla Group, ONGC, JSW Group and GE are among the companies that have announced their investment plans in specific projects in Karnataka at the inaugural of the two-day global investors meet (GIM) in Bangalore on Thursday.

This is the second GIM the BJP regime is hosting, hoping to draw investments of Rs 6 lakh crore.

The Mangalore Refineries and Petrochemicals (MRPL), an ONGC company, signed an MoU proposing to expand its refinery from 15 million tonnes per annum (mtpa) to 21 mtpa at an investment of Rs 8,500 crore.

Tata Steel vice chairman B Muthuraman said the company was investing Rs 30,000 crore on setting up a 6 mtpa plant at Haveri district.

Ultratech Cement, owned by the Aditya Birla Group, has proposed an investment of Rs 6,150 crore for setting up new cement plants and another Rs 395 crore for setting up and expanding caustic soda plants in north Karnataka.

JSW Group Chairman Sajjan Jindal announced an investment of Rs 8,000 crore in a steel and cement plant.

Suzlon Chairman Tulsi Tanti said his company would set up wind farms of 2500 mw capacity at an investment of Rs 15,000 crore in Karnataka.

GE India has proposed an investment of over Rs 300 crore towards setting up of new research and Development labs and other expansion activities at its technology center in Bangalore. The new investment is focused on expanding the technology centre to include experimental labs.

Speaking at the GIM, GE India President & CEO John Flannery said, "India holds immense strategic importance in GE's overall growth plans. The new investment will further strengthen our efforts to partner the State of Karnataka and provide best in class products and localized solutions for the people of India."

Property developer Embassy Group signed an MoU proposing four mega projects in the State at an investment of Rs 15,000 crore. The projects include integrated IT parks for IT/ITES with commercial, residential and support facilities and a logistics park, which will mark the Group's entry into the logistics and warehousing business.

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