Air India & Tata Advanced Systems to invest Rs 2,300 crore in Karnataka
Air India is planning to set up a Maintenance Repair and Overhaul (MRO) facility and "create" Bengaluru as the aviation hub in South India, an official statement said.
Tata Group companies Air India and Tata Advanced Systems Limited (TASL) plan to invest Rs 2,300 crore in Karnataka for various projects providing employment to about 1,650 people, it was announced on Monday.
Chief Minister Siddaramaiah and Large and Medium Industries Minister M B Patil were among those present at an MoU signing ceremony in this regard here.
Air India is planning to set up a Maintenance Repair and Overhaul (MRO) facility and "create" Bengaluru as the aviation hub in South India, an official statement said.
"The investment for the project is around Rs 1,300 crore. This will ensure direct employment generation of 1,200 people," it said.
According to a National Council of Applied Economic Research (NCAER) study, the hub creation will increase the passengers handled by eight MPPA (Million Passengers Per Annum) thus giving direct and indirect employment opportunity for 25,000 to 26,000 people due to a boost in business activity, support staff and tourism in Karnataka, the statement said.
TASL is planning to set up three projects with total investment of Rs 1,030 crore -- Passenger to Freighter Aircraft Conversion facility (Rs 420 crore), a gun manufacturing facility (Rs 310 crore) and Aerospace and Defence Research and Development in Karnataka (Rs 300 crore). These projects would generate direct employment for 450 people, it said.
TASL's plans to source more than 50 per cent of its 13,000 parts from Karnataka for its gun manufacturing facility, which is estimated to provide employment to 2,000-3,000 people in 300-350 small and medium enterprises, it added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:26 PM IST