Japanese general trading company Marubeni Corporation is likely to set up a hi-tech industrial park on 720 acres of land identified near Kolar, Karnataka. It is looking to invest ₹10,000 crore in the State, which could lead to creation of 40,000 jobs, according to State government sources.
The company has identified land in Bavanahalli near Vemagal in Kolar district.
Major boost to State
In a meeting with Karnataka’s Heavy and Medium Industries Minister, MB Patil, company delegates have indicated that Marubeni will directly invest ₹2,800 crore for the development of the proposed high-tech industrial park, and the industrial plots will be allotted to interested enterprises.
Further, 8,000 crore of investment will be made through foreign direct investment. This is expected to create 40,000 job opportunities. The Karnataka government estimates for the investments to add $2 billion to the State’s economy. The proposed project is being discussed with Karnataka government and KIADB (Karnataka Industrial Area Development Board).
Patil said, “The Ministry of Economy, Trade and Industry of his country (Japan) has approved the feasibility report for this proposed industrial zone development. The proposal presented by Marubeni Corporation is attractive. It will be studied in detail and the government will take an appropriate decision.”
Marubeni Corporation, headquartered in Tokyo, has previously developed similar high-tech industrial parks in China, Philippines, and Thailand. In addition, the delegation informed that the company is developing such industrial areas in countries like Indonesia, Myanmar, and Vietnam. The company mainly focuses on sectors such as social infrastructure, health & medical, wellness, digital strategy, innovation strategy, smart city, decarbonisation, and pharma. Marubeni’s delegation was led by Marubeni Corporation Deputy General Manager Shirozono Kajouki and Marubeni India Limited General Manager Takaika Yoshida.
