Invest Karnataka 2016
Invest Karnataka 2016Twitter/KarnatakaVarthe

The Invest Karnataka Summit saw investments to the tune of Rs 1.33 lakh crore being promised to the state. In the last two years, the state has reportedly approved 1,021 projects. The fourth edition of the global investors' summit ended on Friday.

Investment deals and MoU's were signed across IT, agriculture, pharma, energy, tourism and infrastructure sectors. Over the past year, Karnataka has approved Rs 1.75 lakh crore worth of projects. When combined, it would create around 7 lakh jobs, according to a report in Business Standard.

"In last two days during the event, Rs 1, 33,177 crore worth of investment interest has been received. Cumulatively, these investment proposals are expected to generate a total employment of 6,70,931 across the state," RV Deshpande, Karnataka minister for large, medium Industries and tourism, said at the valedictory ceremony of the summit on Thursday, according to Hindu Business Line.

Karnataka has appointed an official who will follow up on projects that have investment of more than Rs 200 crore, to ensure the projects turn into "actual investment".

"Mobilising investments is a continuous process; it is not a process that can be done in two days. But we are confident with the amazing response that there should not be any doubt that Karnataka will be the key destination in India for investments," Deshpande was quoted as saying by Business Standard.

According to reports, Karnataka received maximum investment in the energy sector, at over Rs 1 lakh crore. The chemical sector received investments of about Rs 24,000 crore, which could create jobs for 5,000 people.

The steel sector also witnessed investments to the tune of Ra 38,000 crore, leading to job creation for 6,000 people. The other sectors which attracted investments were: aerospace, tourism, oil and gas, the Hindu Business Line report said.

Top projects committed

  • Adani Green Energy Limited: Rs 18,500 crore
  • JSW Steel Limited: Rs 12, 396 crore.
  • Geitso Green Energy Pvt Ltd: Rs 10,000 crore
  • Essel Infra Project: Rs 7,200 crore
  • Fox Petroleum Limited: Rs 7,000 crore
  • Shriram Properties Limited: Rs 5,920 crore