Karnataka gets proposals worth Rs5,00,000-cr on first day of investors’ meet

The Karnataka government signed agreements for investment of a total of about Rs5,00,000 crore in some 400 projects in the state, at the end of the first day of the two-day Global Investors' Meet (GIM 2012) on Thursday.

The second edition of the event saw a host of major companies like the GVK Group, the Tata Group, Suzlon, the Embassy Group, Welspun, Chettinad Cement, Future Group, Ascendas, JSW Steel, Bosch and Rajesh Exports among the major investors.

''We had set a target of attracting Rs5,00,000 crore worth of investments in this edition of global investors' meet. However, we have exceeded our own target and have signed memorandums of understanding for over Rs5,00,000 crore worth of investments,'' Murugesh R Nirani, minister for large and medium industries, told reporters.

He said the MoUs were signed in the areas of infrastructure, energy, mining, education, tourism, hospitality and automobiles, among others.

But the steel and conventional power sectors, which dominated the last edition of the event organised by the late former chief minister B S Yeddyurappa, could garner only a small fraction of the investments proposed this time.

Although Japan, Mexico and the State of Bavaria in Germany were listed as partner states to the event, barring the investment of Rs500 crore proposed by Toyota's joint venture, no other companies from these countries featured among the list of 25 letters of intent (LoI) for investments in projects that were announced at the inaugural session.