Latest news with #InvestKarnataka2025
Time of India
09-07-2025
- Business
- Time of India
CM Siddaramaiah meets Rajnath Singh, seeks two defence industrial corridors for Karnataka
Karnataka Chief Minister Siddaramaiah has written to Union Defence Minister Rajnath Singh requesting approval for two dedicated Defence Industrial Corridors in the state. Chief Minister Siddarmaiah in his letter has sought permission for corridors in the North and another in the South to accelerate domestic manufacturing and strengthen India's strategic self-reliance. The CM highlighted that Karnataka already accounts for 67% of India's aircraft and helicopter manufacturing for defence services and is home to 25% of the country's aircraft and spacecraft industry. 'The proposed corridors will further cement Karnataka's reputation as the Defence Capital of India,' he said in the letter. Siddaramaiah added that the recently held Global Investors Meet, Invest Karnataka 2025 saw investment commitments worth ₹10.27 lakh crore, of which ₹4.34 lakh crore have already been converted. Manufacturing alone accounted for ₹5.56 lakh crore in commitments, with 62% already converted. CM Siddaramiah urged the central government to extend support similar to that given to Uttar Pradesh and Tamil Nadu in 2018, noting that these corridors would attract more domestic and global investment, create high-skilled jobs, and further the ' Make in India ' mission in the defence sector. He pointed out that the North Karnataka region, particularly Belagavi, Hubballi-Dharwad, and Vijayapura, hosts key defence manufacturers such as Balu Forge, Aequs, Walchandnagar Industries, and others. 'This 250 acre aerospace Special Economic Zone (SEZ) fosters a vertically integrated aerospace ecosystem. The aerospаce SEZ has the largest machining capacity in the country that delivers more than 1 million machining hours annually, has 31 operational units and employs 5000 people,' the CM said. Similarly highlighting South Karnataka's ecosystem Siddaramaiah said the hi-tech defence and aerospace park in Devanahalli, and the presence of TASL, Collins Aerospace, Dynamatic Technologies and others make it a natural hub for defence and aerospace innovation.
India Gazette
06-07-2025
- Business
- India Gazette
62 percent of GIM manufacturing investment commitments converted to project applications: MB Patil
Bengaluru (Karnataka) [India], July 6 (ANI): Karnataka Minister for Large and Medium Industries, MB Patil, stated on Saturday that Rs 3.4 lakh crore worth of formal project applications have been filed out of the 5.56 lakh crore investment commitments made for the manufacturing sector during the Global Investors Meet (GIM) - Invest Karnataka 2025. This amounts to a 62% conversion rate. Speaking at an exclusive session organised by the Confederation of Indian Industry (CII) in the presence of Union Minister for Commerce and Industry Piyush Goyal, MB Patil attributed this impressive conversion as a result of sustained post-MoU engagement with investors, ensuring that intent translates into tangible action. 'Companies such as Krones, Safran, TASL, and many others have already filed formal applications with the state, with several having already commenced groundwork. Additionally, with both IndiGo and Air India now operating MRO (Maintenance, Repair and Overhaul) facilities in Karnataka, alongside TASL's upcoming MRO unit and HAL's existing operations, Karnataka has truly earned its place as the 'MRO Capital of Asia',' Patil noted. Patil further stated that out of the total Rs 10.27 lakh crore worth of investment commitments received during the GIM, proposals valued at Rs 4.34 lakh crore or about 42 per cent, have already materialised into project applications. He positioned Karnataka as a reliable partner in the evolving global economic landscape. He said, 'As the world adopts the China+1 strategy and responds to uncertainties caused by global conflicts, Karnataka has emerged as a dependable and natural partner. We are building not just industrial parks, but self-contained ecosystems that are future-ready and innovation-driven.' The new State Industrial Policy, launched during the GIM, has been widely appreciated for its progressive and inclusive framework. The policy places a strong emphasis on sustainability by integrating decarbonisation goals, green regulatory frameworks, and dedicated promotion of green industrial practices. It also offers targeted additional incentives for Zone 1 and Zone 2 districts, supporting balanced regional development. (ANI)
Time of India
19-05-2025
- Business
- Time of India
Belagavi district set for Rs 28.5k-crore investment boost
Belagavi: In transformative milestone for the district, Belagavi is poised to receive a massive industrial boost, with 10 companies — including a major investor from Canada — committing total investment of Rs 28,496 crore under the state's ambitious ' Invest Karnataka 2025 ' initiative. The district already houses over 10,000 small and medium enterprises (SMEs), especially in the foundry and automobile spare parts sectors. The new wave of investment is expected to propel Belagavi to the forefront of Karnataka's industrial growth. Until recently, inadequate land availability and limited infrastructure hindered large-scale industrial expansion in the region. But with the creation of dedicated industrial zones and the resolution of land-related challenges, the district has rapidly emerged as an attractive destination for major industrial players. "Belagavi now offers a highly conducive environment for industrial growth," said Satyanarayan Bhat, joint director, District Industrial Centre, Belagavi. "More companies than anticipated signed MoUs during the Invest Karnataka 2025 summit [in Feb]. The govt is committed to providing all support." Canada-based Magellan Aerospace Ltd has pledged Rs 115 crore to set up operations in the aerospace and defence sector. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No dark spots, 10 years younger! Just take this from Guardian URUHIME MOMOKO Learn More Undo The largest commitment comes from Hero Posture Energies Ltd., which plans to invest Rs 22,200 crore to establish a facility on 150 acres at Kittur Industrial Estate. These investments span sectors such as food processing, agriculture, trading, renewable energy, fuel production, and construction materials. Officials estimate that incoming industries will generate over 12,500 direct jobs and more than one lakh indirect employment opportunities, significantly boosting the local economy. Rohan Juvali, former president , Belagavi Small Scale Industries Association, told TOI the district has a lot of industrial investment potential if land and infrastructure are provided. Unavailability of land is the challenge, he said. Firms which have signed MoUs Balaji Papers Pvt Ltd Inamdar Sugars Ratna Cement (Yadwad) Ltd Ravindra Energy (KNSP) Pvt Ltd SFS Group India Pvt Ltd Vishwaraj Sugar Industries Ltd Dalmia Cement (India) Ltd Shivashakti Sugars Ltd
Hindustan Times
24-04-2025
- Business
- Hindustan Times
Karnataka Minister Patil holds meeting to discuss impact of US tariff
Karnataka Large and Medium Industries Minister M B Patil on Wednesday held a meeting with senior officials of the department to review the potential impact of US-imposed tariffs. Also Read - Lawyers in Karnataka boycott court in protest against HC judges' transfers Patil also assessed the progress of MoUs signed during the Global Investors Meet (GIM)–Invest Karnataka 2025 and discussed recent geopolitical developments affecting industries in the state. "The United States, which had earlier announced the imposition of tariffs on products imported from India, has now put the decision on hold for three months. The meeting focused on the possible impact of these tariffs on Karnataka's key sectors, including IT, BT, electronics, pharmaceuticals, defence-related products, and other industrial goods," Minister Patil said. The minister noted that Karnataka should treat this development as an opportunity, his office said in a release. Industries in other countries, which could be severely affected by the US tariffs, may consider relocating their operations to Karnataka. The meeting also discussed how this situation could be strategically leveraged to boost the state's industrial growth and what measures need to be taken to retain the MoUs already signed, he added. According to the minister, the Centre is deliberating on how to respond to the situation at the national level. "Accordingly, Karnataka must also be prepared," he said. Also Read - Traffic snarls likely in Bengaluru as Chinnaswamy stadium hosts RCB vs RR IPL match Michael, a trade expert working with the Boston Consulting Group (BCG), who attended the meeting virtually from the USA, said that the impact of the tariffs is still being analysed and that it is difficult to predict the overall effect at this point. He added that China has already been subjected to massive tariffs, and the consequences of that are also under study. Principal Secretary of the Industries Department S Selvakumar and Commissioner Gunjan Krishna were also present at the meeting, the release said.
