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Tata Group to invest Rs 2,300 crore in Karnataka
Tata Group companies Air India and Tata Advanced Systems Ltd (TASL) are planning to invest Rs 2,300 crore in Karnataka in projects that are expected to create employment for 1,650 people, the state government announced on Monday.
Bengaluru : Tata Group companies Air India and Tata Advanced Systems Ltd (TASL) are planning to invest Rs 2,300 crore in Karnataka in projects that are expected to create employment for 1,650 people, the state government announced on Monday.
According to the MoU that has been signed, Air India will set up a facility to carry out maintenance, repairs, and overhaul of planes at the Bengaluru airport. The project entails an investment of around Rs 1,300 crore that will generate employment for 1,200 people.
Tata Advanced Systems, which makes doors for European giant Airbus's A320neo planes, will set up manufacturing and research & development facilities in the state. The company will invest in three projects near Bengaluru Airport and in Kolar with a total investment of Rs 1,030 crore. These include a passenger to freighter aircraft conversion facility (Rs 420 crore), gun manufacturing facility (Rs 310 crore) and aerospace & defence research and development in Karnataka (Rs 300 crore). These projects are expected to generate direct employment for 450 people.
Karnataka Chief Minister Siddaramaiah and state Large and Medium Industries Minister M B Patil were among those present at the MoU signing ceremony in this regard here.
Saying such projects require streamlined support from the government in terms of clearances, approvals and interventions, Patil assured support in resolving any challenges pertaining to the grounding of the projects.
S. Selvakumar, Principal Secretary, Karnataka Industries Department and Nipun Agrawal, Chief Commercial Officer of Air India and Sukaran Singh, CEO of TASL exchanged the MoU.
Chief Secretary to Karnataka Government, Rajneesh Goyal; Additional Chief Secretary to Chief Minister L.K. Atiq; Commissioner of Industries Department Gunjan Krishna; Air India top officials Manan Chauhan, Karthikeya Bhat, Atul Shukla, TASL top officials Guru Dattatreya, Arjun Maine, Bangalore International Airport Managing Director Hari Marar, COO Satyaki Raghunath, and CFO Bhaskar Ravindra were present on the occasion.
The Tata's plan for Karnataka comes close on the heels of the group’s announcement of a Rs 15,000 crore investment in Telangana. The Tata Group has also drawn up plans to set up a semiconductor fabrication plant in Gujarat.
Investments flowing into states are on the rise under the Atmanirbhar policy of the Modi government which has increased emphasis on self-reliance under which more collaborations between Indian companies and high-tech foreign firms are taking place. This has also led to more FDI flows into the country.
