Aequs To Invest Rs 3,500 Crore To Set Up Consumer Electronics Cluster In Karnataka: Report

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  • The investment was cleared at the State High Level Clearance Committee (SHLCC) chaired by the Karnataka chief minister, B S Yediyurappa
  • This investment is expected to generate around 20,000 jobs

As per a report by Livemint, the Karnataka government has approved Rs 3540 crore investment by Aequs SEZ Private Limited to develop a consumer electronics and durables goods (CEDG) cluster in Hubballi. It said that the The investment was cleared at the State High Level Clearance Committee (SHLCC) chaired by the Karnataka chief minister, B S Yediyurappa.

The report said that Aequs said that this is India’s first sector-specific investment in line with Prime Minister Narendra Modi-led Union government’s Atmanirbhar initiative. The report also said that this investment is expected to generate around 20,000 jobs.

Domestic Tariff Area 

The company has requested the Karnataka Industrial Area Development Board (KIADB) for allotment and acquisition of 400-acre land in Ittigatti village in Dharwad as per a senior government official requesting anonymity said the report. The proposed industrial unit will comprise warehouse facilities, logistics hub, skill development centre and other support services, as per the proposal.

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Aravind Melligeri, chairman and chief executive officer of Aequs Inc said in a statement to Mint that the CEDG will be globally competitive and a self-sustained ecosystem, generating employment, creating significant opportunities for the region, and nurturing the country’s manufacturing potential. He added that the campus will be spread across 400 acres with benefits of Special Economic Zone (SEZ) and Domestic Tariff Area (DTA).

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