Karnataka Boosts Economy with Rs 9,823 Crore Industrial Approval

The Karnataka government has approved nine industrial projects valued at Rs 9,823.31 crore, projected to create 5,605 jobs. The projects, reviewed at the 64th SHLCC meeting, include new investments and expansions. Notably, Karnataka's first semiconductor project was announced for Kochanahalli, Mysuru.

The Karnataka government has greenlit nine industrial projects totaling an investment of Rs 9,823.31 crore, which are anticipated to create approximately 5,605 new jobs. The approvals came during the 64th State High Level Clearance Committee (SHLCC) meeting, presided over by Karnataka Chief Minister Siddaramaiah.

Among the approved projects, three are new investment initiatives, while six involve expansions or modifications to existing plans. The new projects include DN Solutions India Private Limited's Rs 998 crore investment at the ITIR in Devanahalli, projected to generate 467 jobs; Silectric Semiconductor Manufacturing Private Limited's Rs 3,425.60 crore venture at Kochanahalli, Mysuru, aimed at creating 460 jobs; and Sansera Engineering Limited's Rs 2,150 crore project at Harohalli, expected to produce 3,500 jobs. The six projects earmarked for expansion or amendments account for an investment of Rs 3,249.71 crore, with an expected job creation tally of 1,178.

During the meeting, the Chief Minister announced the establishment of the state's first semiconductor project at the Kochanahalli Electronics Manufacturing Cluster in Mysuru. He emphasized the importance of adhering to development timelines for KIADB plots and discussed potential profit-sharing strategies between sugar mills and farmers, suggesting a review of similar models executed in Maharashtra and Tamil Nadu.

(With inputs from agencies.)