TATA GROUP TO INVEST RS 2,300 CR IN KARNATAKA
Bengaluru, Feb 19 (IANS) – In a major development, Tata Group companies Air India and Tata Advanced Systems Ltd (TASL) have announced plans to invest Rs 2,300 crore in Karnataka, which is expected to create employment opportunities for 1,650 people. The state government has confirmed this on Monday.
According to the Memorandum of Understanding (MoU) that has been signed, Air India will establish a facility for carrying out maintenance, repairs, and overhaul of planes at the Bengaluru airport. This project involves an investment of approximately Rs 1,300 crore and is expected to generate employment for 1,200 people.
Tata Advanced Systems, known for making 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 projects 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), and are expected to create direct employment for 450 people.
The MoU signing ceremony was attended by Karnataka Chief Minister Siddaramaiah and state Large and Medium Industries Minister M B Patil, among others. Patil has assured support from the government in resolving any challenges impacting the projects.
The Tata Group’s investment in Karnataka comes close on the heels of the group’s announcement of a Rs 15,000 crore investment in Telangana. Additionally, the group has plans to set up a semiconductor fabrication plant in Gujarat.
Under the Atmanirbhar policy of the Modi government, emphasis on self-reliance has increased, leading to more collaborations between Indian companies and high-tech foreign firms, resulting in increased FDI flows into the country.
The investments by Tata Group in Karnataka are expected to boost the state’s economy and provide employment opportunities, further contributing to the development of the region.
–IANS
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