Multinationals opting Hyderabad, Chennai: FKCCI
Gulbarga, Dec 4: The Federation of Karnataka Chamber of Commerce and Industry(FKCCI) said due to the lackadaisical attitude of the state government to provide adequate infrastructure, multinational companies were opting to set up industries in Hyderabad or Chennai.
The state had lost investment to the tune of Rs 35,000 crore during the last few years as multinationals chose to set up ventures in Hyderabad and Chennai in view of Governments of Andhra Pradesh and Tamil Nadu, providing the necessary infrastructure, FKCCI president S S Patil said while addressing a press conference here yesterday.
The multinationals as well as automibiles and software companies were looking at Chennai and Hyderabad to set up industries, he said adding that every year Karnataka was losing at least four multinationals.
Pointing out that political unstability in the state was also causing a hindrance for the development of industries, he said and lamented that despite Bangalore emerging as the silicon valley of Asia, the city was not witnessing the required development.
He urged the state government to take steps to decongest the city by developing satellite towns and creating necessary infrastructure.