[Reader-list] Global Investors’ Meet gets off to a flying start; MoUs to the tune of Rs 2.21 lakh crore signed

Pawan Durani pawan.durani at gmail.com
Thu Jun 3 21:19:09 IST 2010

BANGALORE, JUNE 3:  Karnataka’s ambitious Global Investors’ Meet
(GIM), aimed at showcasing the strengths, vast potential and
investment opportunities in the State, got off to a flying start with
Memoranda of Understanding (MoUs) for as many as 41 projects involving
a total investment of Rs.2.21 lakh Crore covering diverse sectors
being signed soon after the inaugural function. The signing of MoUs
continued during the entire day and may well touch the Rs 3 lakh crore
mark by evening.

Four of the biggest investment proposals are in the steel sector with
captive power plants involving a total investment of Rs 1.18 lakh
crore 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 BJP’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 Dr
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.
While Lakshmi Mittal was the star attraction among domestic and
international business leaders and entrepreneurs, the entire GIM show
with its elaborate arrangements was a testimony to the acumen and
leadership of Karantaka chief minister B S Yeddyurappa, who proudly
proclaimed in his inaugural speech: “This Global Investors’ Meet of
today and tomorrow is a big step forward in realizing the Vision 20:20
for Karnataka. We want it to result in doubling the investments and
employment opportunities in the next two to three years, which in turn
double the State revenues in 3 to 4 years due to accelerated
industrialization across the state.”
Jaitely, Moily, Sahai as well as Kasturirangan and other captains of
industry warmly appreciated the initiative and forward-looking
policies of Yeddyurappa in organizing the biggest-ever Global
Investors’ Meet just as the global economy was showing signs of
recovery from the economic recession and consequent meltdown.
“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.
Yeddyurappa set the tone for the GIM by declaring: “We want to make
Karnataka a model State globally. I want my State to march ahead on
the path of progress. We want to achieve rapid and unparalleled
growth, leading to a quantum jump in the human development indicators.
We also want to achieve equitable development, covering all sections
of people and regions of the State.’’
Extolling the many advantages and opportunities of Karnataka,
Yeddyurappa said the abundant natural resources, highly talented human
resource and the progressive-investor friendly policies on industry,
infrastructure, tourism, IT/BT, minerals, textile and renewable energy
were the State’s hallmarks. The Government has already approved
projects with a generation capacity of over 16,000 mw and total
investment of Rs 20,000 crore in the tourism sector, he said adding:
The State is developing software, hardware and aerospace parks near
Bangalore International Airport Ltd in 3,000 acres of land along with
Informational Technology Investment Region in an area of 10,000 acres
in Bangalore north region.
“Global Investors’ Meet is an ideal opportunity for wooing industries
and business enterprises  to Karnataka not only from India but even
from other countries when the global economy is showing signs of
recovery,” said Union Law Minister Veerappa Moily promising Centre’s
help in the state’s quest.
“While the State’s huge natural resources and large pool of qualified
technical and scientific manpower is a big asset, the initiatives
taken by successive governments in the past and the investor-friendly
policies of the present Government will definitely yield rich
benefits,” he said pointing out that political differences should not
come in the way of development.
Union Food Processing Industries Minister Subodh Kant Sahai lauded the
efforts of the Yeddyurappa regime in aggressively wooing investment in
diverse sectors and felt such efforts by any State would have
beneficial effects as global investors would look not just at
Karnataka but other states as well.
He, however, called upon the investors to look at agriculture sector
as agro-based as well as food processing industries offered the
biggest potential. In addition, containers for storage of agricultural
and horticultural produce as well as cold storages need big infusion
of investment. “If the agriculture sector flourishes and the lot of
farmers improves, the country will definitely prosper,” he said.
BJP’s Opposition leader in the Rajya Sabha said Karnataka enjoyed
inherent advantages due its vastly better pool of human resources,
natural resources, reasonably good infrastructure across the state and
pro-investment cum industry-friendly policies followed by the
government. Investment flows to states and regions where profits can
be generated. Without investment, profits and revenues cannot be
generated. Without revenue generation, social security schemes or good
infrastructure facilties cannot be implemented, he said pointing out
that not just states but even countries were competing with each other
to attract larger investments.
BJP national general secretary Anant Kumar, Bangalore south MP, said
Karnataka was known for peace and harmony as well as its supremacy in
information and bio-technology. The State had a large network of
scientific, technical and medical educational centres and these
strengths added to its attraction. However, it was Yeddyurappa’s
forward looking attitude and dynamic leadership that has changed
climate for the better, he added.
Lakshmi Mittal of Arcelor Mittal 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
“I have no doubt that this state will emerge as a frontrunner in the
manufacturing sector,” he said promising to bring the highest standard
of manufacturing and environment friendly mining processes besides
contributing to the state’s industrialisation and development.
Dr K Kasturirangan said the country’s space programmes, especially the
launch of INSAT, IRS and other satellites as well as Aryabhata,
Chandrayaan missions owed a lot to the contribution of Bangalore and
Karnataka and the support from industry, research and development
facilities. “I am sure Bangalore and Karnataka will become a global
brand and a hot investment destination if the present policies and
approaches continued,” he said.
Aditya Birla Group’s Kumaramangalam Birla, Azim Premji of Wipro, Kris
Gopalakrishnan of Infosysis, Vijay Mallya of UB Group, Dr Devi Prasad
Shetty of Narayana Hrudayalaya and Venu Srinivasan of CII were among
the speakers.
“Karnataka has emerged as an undisputed investment destination for
investors. It is one of the most progressive states and has whole
range of innovations and breakthroughs across key sectors such as
IT/BT, Agriculture, Minerals, Engineering, Automobile, Food
Processing, Textiles and Aerospace,” said Large and Medium Scale
Industries Minister Murugesh R Nirani, the moving spirit behind the
entire GIM exercise in his welcome address. Karnataka chief secretary
S V Ranganath proposed a vote of thanks.
During the inaugural session, Exhibition was also inaugurated by
Hon’ble Union Minister for Law Shri Veerappa Moily today by pressing
the button. In the exhibition, 98 stalls are exhibited. Among them 18
stalls belonged to different departments of the government. 5 stalls
have been given to industrial associations and chamber of commerce
namely KASSIA, PIA, FKCCI, CII and BCIC. Another 10 stalls have been
given to banks. And remaining stalls have been given to private

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