Karna eyes USD 100 bn investment in aerospace sector

Bangalore, Feb 8 (PTI) Seeking to take advantage of AeroIndia event, Karnataka has set a target of attracting USD 100billion investments in the aviation sector in the coming 10years.

Chief Minister B S Yeddyurappa and state''s ChiefSecretary S V Ranganath during a meeting with delegates of USIndia Business Council (USIBC) held here on the eve of AeroIndia show said business environment was conducive inBangalore and the government plans to attract over USD 100billion in next 10 years.

The state government has set up an aerospace park nearBengaluru International Airport, Yeddyurappa told thedelegation.

"The city is already recognised as aerospace hub of thecountry and has more than 65 per cent of the country''sinvestment in the sector here. Besides big presence of publicsector enterprises, many international private players haveinvested in aerospace sector in the state," Ranganath said.

He said a study conducted by Federation of Indian Chamberof Commerce and Industries has brought out the fact that 90per cent of the investors have expressed that they would liketo reinvest in the state.

Leading the 10th Executive Aerospace and Defence Missionto Aero India 2011, Admiral US (Retd) Walter G Doran saidaerospace companies in US were looking forward to invest inthe state.

Air Marshal T J Master, member of joint aerospace taskforce, said besides technology innovation centre, an aerospaceuniversity was in the offing to cater the human resources forthe aviation sector.

State''s Principal Secretary to Industries Department V PBaligar said South Korean Steel giant Posco which plans to setup a mega steel plant has zeroed in on Gadag for its plant.

The unit would come up on 3,000 acres in Haligudi inMundargi taluk, Gadag district.

Coco Cola would set up its plant on 250 acre in backwardYadgir district, he said.

Baligar said besides a 1000 MW power plant in a 50 acresof land a pharmaceutical park would also come up in the newlycarved district.