Latest news with #InvestKarnataka
Hans India
6 days ago
- Business
- Hans India
Massive industrial boost for North Karnataka: Rs 600-cr machinery unit in Dharwad to provide 800 jobs
Vijayapura: In a major push towards industrial development in North Karnataka, the state government has inaugurated a state-of-the-art Nidec manufacturing facility in Dharwad, built at a cost of Rs 600 crore. The unit will initially generate employment for 800 people, with a plan to expand to 3,000 jobs once the plant reaches full operational capacity, said Karnataka Industries Minister M.B. Patil in a press interaction in Vijayapura. The new facility incorporates French and Japanese technology, and will manufacture 2, 3, and 4 MW heavy-duty machines tailored to the growing demand from data centre industries. Importantly, the company aims to export these machines to global markets, including the United States and Europe, in addition to supplying within India. The Nidec project is a direct outcome of discussions held with the company during the government's 'Invest Karnataka' initiative and Minister Patil's official visit to Japan. 'This advanced industrial unit is a landmark step in realizing the state government's commitment to industrial decentralization and regional development,' Patil said. He added that the state is offering several incentives under its progressive industrial policy to attract such major investments. Nidec has adopted cutting-edge automation technologies and has committed to sustainable practices. The company plans to become carbon neutral by 2028, making this unit not just a source of employment, but also a model of green industrial development. In addition to boosting manufacturing in Dharwad, Minister Patil revealed that the government plans to set up aviation training centres across Karnataka. 'An aviation training centre will be established in Shivamogga, and another one is planned for Vijayapura in the near future,' he confirmed. These centres will offer career opportunities in the aviation sector, particularly for youth in Tier-2 cities. With the inauguration of the Nidec facility, Karnataka is not only showcasing its ability to attract global industrial giants, but also positioning North Karnataka as a future hub of high-tech manufacturing. This move is expected to transform the employment landscape, drive exports, and solidify Karnataka's position as a leader in industrial innovation and sustainable growth.
The Hindu
20-05-2025
- Business
- The Hindu
Belagavi district to get major share of investments promised during summit
Belagavi district will get a major share of the investments promised during the Invest Karnataka summit, said a release from Industries Minister M.B. Patil. As many as 10 companies, including a Canadian one, will invest ₹28,495 crore in the border district. They signed MoUs with the State government during the Invest Karnataka summit. They are expected to generate over 12,000 direct jobs and over a lakh indirect jobs, the Minister said in the release. 'The companies include Canada-based Mugellan Aerospace Limited that has committed ₹115 crore to set up operations in the aerospace and defense sector. The largest investment comes from Hero Posture Energies Ltd. which plans to invest ₹22,200 crore in the region. The company has sought 150 acres at Kittur Industrial Estate for this project,' according to Deputy Commissioner Mohammad Roshan.
Deccan Herald
23-04-2025
- Business
- Deccan Herald
Tariff war: Karnataka govt reviews impact on industries
According to a statement, Patil met senior officials of his department to review the potential impact of US-imposed tariffs, assess the progress of agreements signed during the Invest Karnataka summit and the recent geopolitical developments affecting industries in the state. Bharath Joshi
Yahoo
12-02-2025
- Business
- Yahoo
US chip toolmaker Lam Research to invest over $1 billion in India
BENGALURU (Reuters) - U.S.-based chip toolmaker company Lam Research said it will invest over 100 billion rupees ($1.2 billion) in the next few years in India's southern Karnataka state, the latest boost to the nation's plans to bolster its semiconductor ecosystem. During an 'Invest Karnataka' event on Tuesday, Lam Research said it has signed a memorandum of understanding (MoU) with the Karnataka Industrial Area Development Board (KIADB) for the investment. Prime Minister Narendra Modi's government has been trying to grow India's nascent chipmaking industry with initiatives including a $10 billion incentive package. India expects its semiconductor market to be worth $63 billion by 2026. Global chip firms are investing and setting up facilities in India as it races to build up the semiconductor industry and compete with major hubs such as Taiwan. In a post on X, India's IT minister said Lam Research's investment was "one more milestone" in the country's semiconductor journey and a "big vote of confidence" in the government's semiconductor vision. Fremont, California-based Lam Research develops tools essential for semiconductor manufacturing. Its products are primarily used in a wide range of wafer-processing and wiring of semiconductor devices. Karnataka includes the IT hub of Bengaluru and is among the top contributors to India's economy and a major exporter of software, IT services and manufactured goods. ($1 = 86.3690 Indian rupees) Sign in to access your portfolio
Yahoo
12-02-2025
- Business
- Yahoo
US chip toolmaker Lam Research to invest over $1 billion in India
BENGALURU (Reuters) - U.S.-based chip toolmaker company Lam Research said it will invest over 100 billion rupees ($1.2 billion) in the next few years in India's southern Karnataka state, the latest boost to the nation's plans to bolster its semiconductor ecosystem. During an 'Invest Karnataka' event on Tuesday, Lam Research said it has signed a memorandum of understanding (MoU) with the Karnataka Industrial Area Development Board (KIADB) for the investment. Prime Minister Narendra Modi's government has been trying to grow India's nascent chipmaking industry with initiatives including a $10 billion incentive package. India expects its semiconductor market to be worth $63 billion by 2026. Global chip firms are investing and setting up facilities in India as it races to build up the semiconductor industry and compete with major hubs such as Taiwan. In a post on X, India's IT minister said Lam Research's investment was "one more milestone" in the country's semiconductor journey and a "big vote of confidence" in the government's semiconductor vision. Fremont, California-based Lam Research develops tools essential for semiconductor manufacturing. Its products are primarily used in a wide range of wafer-processing and wiring of semiconductor devices. Karnataka includes the IT hub of Bengaluru and is among the top contributors to India's economy and a major exporter of software, IT services and manufactured goods. ($1 = 86.3690 Indian rupees) Sign in to access your portfolio
