Karnataka signs MoUs for Rs 22,000-crore investment at VGS

Gandhinagar, Jan 12 (PTI) The Karnataka Governmenttoday announced they have signed memorandums of understanding(MoUs) worth Rs 22,000 crore for investment in the southernstate at the Vibrant Gujarat Summit (VGS) here.

"We have signed 20 MoUs worth Rs 22,000 crore incement, food processing, engineering, non-conventional energy,textile and gas-based power plant projects," KarnatakaPrincipal Secretary, Commerce and Industry, V P Baligar said.

Those who signed pacts with Karnataka included KalyaniSteel, Ultratech Cement and Mahindra and Mahindra.

He said they were in talks with three other companieswho want to invest in Karnataka, and were likely to sign thedeals with them tomorrow at the investor summit, organised bythe Gujarat Government.

Baligar said the Government would give incentives tothose investing in Karnataka. The incentives could range fromVAT exemption, refunds, soft loans to entry tax exemption.

Besides, the government will also provide goodinfrastructure support, power, water, limestone, connectivityby road and air and other facilities, he said.

The Government was planning investments in Mysore,Hubli, Mangalore, Belgaum, Tumkur and Kolar region which arebeyond the confines of Bangalore and other developed urbancentres of the state, Baligar added.