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Karnataka govt approves investment proposals worth Rs 26,659 crore

Prime News, Karnataka, Finance, Bengaluru, December 22:- The State High Level Clearance Committee (SHLCC) chaired by Chief Minister B S Yediyurappa on Monday (December 21) cleared five investment proposals worth Rs 26,659 crore, which will aid in the creation of 13,341 jobs.

Industries Minister Jagadish Shettar, Deputy Chief Minister Dr C N Ashwathnarayan, Miniser for Agriculture B C Patil, Industries Secretary Gaurav Gupta and officials of the state Udyog Mitra were present during the meeting as well.

A major share of the new investments will be by Elest Ltd. The firm will be investing Rs 14,255 crore to make electric vehicles in 85 acres at Hubballi-Dharwad. The project is expected to create 867 direct jobs. Subsequently, the company will also invest Rs 6,339 crore and set up lithium-ion cells and a batteries manufacturing unit in 88 acres in the same region (Hubballi-Dharwad) which will generate employment for 1,804 people.

According to information available in the public domain, Elest Private Ltd was incorporated in October and has Bengaluru-based billionaire Rajesh Jaswanth Rai Mehta and Prashanth Mehta (of Rajesh Exports) as its directors.

Another investment approved by the SHLCC is a collaborative effort of the Indian company Hyunet Ltd and Korean automotive manufacturer Hyundai. The firm, Hyunet Ltd will invest Rs 1,825 crore to make electric vehicles and lithium batteries in 300 acres of Karnataka Industrial Area Development Board (KIADB) land at Bagepalli in Chikkaballapur district creating 2,210 jobs.

Two units related to the power sector also received approval from the committee. Miraculum Green Power Ltd is set to invest Rs 1,290 crore to arrange 110 MW hybrid wind-solar power project in 700 acres of land at Jagalur in Davangere district and it will create 2,820 jobs. Concurrently, Sanali Power Ltd will invest Rs 2,950 crore to set up another hybrid wind-solar power project in Jagalur and is expected to create nearly 5,640 jobs. Sanali Power Ltd will be getting 1,710 acres of land on lease. (MR, Inputs: Agencies)

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