GOBAL INVESTORS MEET-2010
GOBAL INVESTORS MEET-2010
The Global Investors Meet was held on the 3rd and 4th of June 2010 at Bangalore at the initiative of Karnataka Government to attract investments in Karnataka. From the government side the key players included Chief Minister B S Yediyurappa, Industries Minister Murugesh Nirani and V P Baligar, Principal Secretary, Industries Department.
HIGHLIGHTS:
1.Government of Karnataka signed 361 MOU (Memorandum Of Understanding) with investors who promised to invest Rs 3.92 lakhs crores in the state during the two day Global Investors Meet (GIM) held at Palace Grounds, Bangalore.
2.Some prominent companies which signed MOUs included Arcelor Mittal, POSCO, Reliance, Brahmani Steel, Rajashree Cements, Wipro, Infosys, JSW Group, Shell and HAL.
3.About 3900 companies from 18 countries and 21 Indian states participated in the meet. Companies from countries like UK, USA, Germany, France, South Korea, Japan, Malaysia, Sweden Singapore, China, Switzerland etc, participated in the meet. About 7600 delegates also attended the meet. 20 % of the total investment proposals were from foreign countries.
4.Maximum investment was agreed upon in the Iron and Steel Sector followed by Power and Cement.
5.IRON AND STEEL SECTOR: In the iron and Steel Sector, commitments to the tune of Rs 2.43 lakhs crores were given for 52 projects. Mr. Lakshmi Mittal from Arcelona Mittal was the first industrialist to sign an MOU to start a proposed Steel Plant at Bellary for Rs 30,000 crores. Karnataka minister Janardhana reddy‘s wife Aruna Lakshmi singed an MOU on behalf of Brahmani Steels to set up a Rs 36,000 crore steel plant in Sandur and Hospet in Bellary. POSCO signed MOU to invest Rs 32,336 crores in Bagalkot. Shree Renuka Infra projects Limited signed an MOU worth Rs 6000 crore for a steel Plant in Vijayanagara.
6.POWER SECTOR: In the power sector the investment proposals stood at 44,152 crores in 38 projects. Shree Renuka Infra projects Limited signed an MOU worth Rs 6000 crore for a power project in Belgaum.
7.IT: Wipro announced that it will invest Rs 537 crore for a software development center in Bangalore. Infosys signed MOU worth Rs 2,250 crore to set up two software development centers in Bangalore
8.HEALTH CARE: Eleven MOUs worth Rs 4,500 crore were signed with nearly 26000 employments assured. Sagar Hospital signed MOU worth Rs 3000 crore followed by Narayana Hrudayalaya with 990 crores for Bangalore Rural. HCG
signed an MOU to stet up a comprehensive cancer treatment and research center at Devanahalli near Banglaore.
9.HELI-TOURISM PROJECTS: During GIM, Karnataka got its first heli-tourism project. A Delhi based company signed the MOU to conduct the tour packages in Hampi-Bijapur Sector(Hampi- Badami, Pattadkal and Bijapur). The aviation company said it will start its operation in two to three months time.
10. INFRA STRUCTURE SECTOR: In the infrastructure sector, the government presented 89 project reports, worth nearly Rs 92,000 crores under the Public Private partnership(PPP).
11.AIRSTRIPS: The government announced to develop 11 airstrips in small towns of Karnataka within the next 18 months. With these, every 100 km in the state will have air connectivity. The government had initially allowed the same under PPP; however no response came from the private firms. Now there are 5 airport projects under the PPP and AAI is developing 6
airports.
12. FINANCE: Canara Bank has committed an initial amount of Rs 20,000 crore, for financially feasible projects identified at GIM.
13.FOLLOW UPS: The state has already launched an interactive website for the investors. Passwords would be given to all investors who signed MOUs at the GIM. The government said that it will consider all these projects in the next State High Level Clearance Committee meeting to be held in June. The Chief Minister assured that the implementation of the projects
will be reviewed every month by the Chief Secretary and once in three months personally by him.