New Delhi: The Karnataka state government revealed that Tata Group subsidiaries Air India and Tata Advanced Systems Ltd (TASL) intend to invest Rs 2,300 crore in the state. These projects are anticipated to generate job opportunities for 1,650 individuals on Monday.
As per the memorandum of understanding (MoU) that has been signed, Air India will establish a facility for aircraft maintenance, repairs, and overhaul at the Bengaluru airport. This project requires an investment of approximately Rs 1,300 crore and is expected to create jobs for 1,200 individuals. (Also Read: Bhavish Aggarwal Visits Hindu Mandir In Abu Dhabi, Shares Pics; Says ‘India Will Rise As A Vishwaguru’)
Tata Advanced Systems, known for producing doors for Airbus’s A320neo planes plans to establish manufacturing and research & development facilities in Karnataka. The company will invest in three projects near Bengaluru Airport and in Kolar, totaling Rs 1,030 crore. (Also Read: GPT Healthcare IPO: Check Price Band, Subscription, Allotment & Listing Dates)
These projects include a passenger to freighter aircraft conversion facility (Rs 420 crore), a gun manufacturing facility (Rs 310 crore), and aerospace & defence research and development in Karnataka (Rs 300 crore). These initiatives are anticipated to create job opportunities for 450 individuals.
Karnataka Chief Minister Siddaramaiah and state Large and Medium Industries Minister M B Patil attended the MoU signing ceremony. Patil emphasized the importance of streamlined government support for such projects, including clearances, approvals, and interventions. He assured assistance in resolving any issues related to the implementation of the projects.
S. Selvakumar, Principal Secretary of the Karnataka Industries Department along with Nipun Agrawal, Chief Commercial Officer of Air India and Sukaran Singh, CEO of TASL, participated in the exchange of the MoU.
Chief Secretary to the 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, and Atul Shukla; TASL top officials Guru Dattatreya and Arjun Maine; Bangalore International Airport Managing Director Hari Marar, COO Satyaki Raghunath, and CFO Bhaskar Ravindra attended the event.
The Tata Group’s investment plan for Karnataka follows closely after their announcement of a Rs 15,000 crore investment in Telangana. Additionally, the Tata Group is planning to establish a semiconductor fabrication plant in Gujarat.
Investments in states are increasing due to the Modi government’s Atmanirbhar policy, which emphasizes self-reliance and encourages collaborations between Indian companies and high-tech foreign firms. Consequently, there is also a rise in foreign direct investment (FDI) flowing into the country. (With IANS Inputs)