Tatas to pull out all stops at Karnataka investors’ meet
01 Jun 2010
The Tata Group has made a last-minute entry into the Global Investors Meet, to be held in Bangalore on 3-4 June for promoting investment in Karnataka. Making up for its delayed entry, as many as 12 companies of the $70-billion (Rs3,25,000 crore) conglomerate are participating. The group's delegation, led by B Muthuraman, vice-chairman, Tata Steel, has met Karnataka state government officials and expressed willingness to invest in the state.
Murugesh R Nirani, state minister for large and medium industries, said that the Tata group will invest in projects worth Rs10,000 crore in the state across sectors.
This is beside the Rs7,000-crore steel plant that Tata Metaliks plans to set up. Tata Elxsi would set up a hardware design and development centre in the state at an investment of about Rs500 crore.
"A delegation of Tata firms has evinced interest in housing, hospitality and steel sectors. We have approved a proposal from Tata Metaliks to set up a steel plant at Haveri in central Karnataka and offered land to the group for housing projects at different locations in the state," industries and commerce principal secretary V P Baligar told reporters in Bangalore on Monday.
"We are interested to invest in Karnataka in power, steel, housing, tourism, communication and aerospace sectors and look forward to full support of the state government for the ongoing projects and future investments in the state," delegation leader Muthuraman.
The Tata Housing Development Co has shown interest in replicating its Nano housing model in the state, which offers budget flats for about Rs400,000. "We have agreed to offer land at various places, including Devanahalli and Doddaballaupur near Bangalore, Dharwad in the northern region and Mysore and Harohalli in the southern region," Baligar said.
Tata Power has shown interest to investment in gas-based power plant at Gadag, Belgaum or Davanagere in the northern region of the state.
