Companies like IFB and Tejas have evinced interest in setting up their manufacturing facility
As the government envisages the country to become a manufacturing hub, a Karnataka State Minister has revealed that several electronics and tech companies have shown interest in investing over Rs 5,000 crore in the state.
Addressing reporters at the Bengaluru Tech Summit 2021, the Minister for IT-BT and Higher Education Dr C N Ashwath Narayan said companies like HCL, Applied Material, Rakon, and Chint have come forward to invest more than Rs 5,000 crore and this would generate over 15,000 jobs in the State.
This, as per Narayan, has been the result of the numerous attractive electronic systems design and manufacturing policy announced by the government.
Taking the same cue, companies like IFB and Tejas have evinced interest in setting up their manufacturing facility.
Apart from the four, GTM has also conveyed its expression of interest to set up a unit in Chamarajanagara, the Minister said.
Of the companies that have shown interest in investment, Narayan said some have been provided with the land while facilities are expected to be extended to the remaining companies.
The Minister said as a result of the investment, facilities to manufacture semi-conductors, electronics, solar cells, washing machines, and motors for air-conditioners would be possible.
Earlier this year, Minister of State for Electronics and IT Rajeev Chandrasekhar has said that the Centre expects the sector to reach around USD 300 billion (about Rs 22.5 lakh crore) by 2024-25.