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Day one of Karnataka's ambitious Global Investors' Meet, aimed at showcasing the strengths, potential and investment opportunities in the state, got off with Memoranda of Understanding for as many as 41 projects involving a total investment of Rs 221,000 crore (Rs 2.21 trillion) covering diverse sectors being signed soon after the inaugural function.
Four of the biggest investment proposals are in the steel sector with captive power plants involving a total investment of Rs 118,000 crore (Rs 1.18 trillion) comprising Arcelor Mittal (Rs 30,000 crore), Bramhani Industries Karnataka Ltd (Rs 36,000 crore), Bhshan Steel Ltd (Rs 27,928 crore) and Surya Vijayanagar Steel & Power Ltd (Rs 24,000 crore).
The GIM was inaugurated by Bharatiya Janata Party's opposition leader in the Rajya Sabha Arun Jaitely in the presence of Union Ministers M Veerappa Moily and Subodh Kant Sahai, global steel giant Arcelor Mittal's chairman and chief executive officer Lakshmi Mittal, Planning Commission member K Kasturirangan and captains of Indian industry Kumara Mangalam Birla, Sajjan Jindal, Shashi Ruia, Azim Premji, Kris Gopalakrishnan and Vijay Mallya and many other top dignitaries at the Bangalore Palace Grounds on Thursday.
Karnataka has set the trend and economic agenda for other states, which are also likely to benefit when investors turn to look towards India, remarked Jaitely while Moily promised all help and assistance from the Centre for the state's pro-active stance.
Lakshmi Mittal of Arcelor Mittal who was the star attraction said he was simply excited by the investment opportunities offered by the state. "Karnataka to me, is an investment destination with strong credentials of positive investments, proactive policies, educated and skilled manpower, rich natural resources and rapid multisectoral development," he said pointing out that the role of government was more important than ever as a facilitator in core sectors like steel due to sheer size, investment, dependence on natural resources and role of infrastructure.
I have no doubt that Karnataka will emerge as a frontrunner in the manufacturing sector," he said promising to bring the highest standard of manufacturing and environment friendly mining processes.