Japan's Marubeni Corp expresses keenness to set up high-tech industrial park project in Karnataka

Japan's Marubeni Corporation has expressed keenness to set up a high-tech industrial park on 720 acres at Bavanahalli near Vemagal of Kolar district in Karnataka with an estimated initial investment of Rs 2,800 crore, according to the State's Large and Medium Industries Minister M B Patil.

A company delegation met Patil on Tuesday and held discussions, the Minister's office said in a statement.

Speaking on the occasion, Patil said the government was eager to take the project forward and "related decisions" would be taken after convening a high-level meeting.

The company representatives who made a presentation stated that the initial investment for the project is estimated to be Rs 2,800 crore.

"They added (that) this in turn would bring Rs 8,000 crore in the form of FDI (foreign direct investment) taking the total investment to over Rs 10,000 crore and generating 40,000 jobs. In all, it would add two billion (US) dollars to the economy of Karnataka, they claimed", the statement said.

The delegation also informed during the meeting that Japan's Ministry of Economy, Trade and Industry had approved the project's feasibility report.

Tokyo-headquartered Marubeni Corporation has developed high-tech industrial parks in countries such as China, Thailand, and the Philippines, the statement said. It was informed that currently, its projects are underway in Indonesia, Myanmar, Vietnam and a few other countries.

The company caters to the needs of social infrastructure, health, and wellness identifying digital and innovation strategies, smart city and decarbonisation as key sectors, it said.