Two Malaysian cos to invest Rs 32k cr in Karnataka

07 Jul 2022 CW Team

The Karnataka Government signed MoUs with the Malaysia-based Petronas Hydrogen, and Continental Automotive Components (India) for a total investment of Rs 32,000 crore in the presence of Chief Minister Basavaraj Bommai.

Additional Chief Secretary in the department of Commerce and Industries EV Ramana Reddy signed the MoUs with Petronas Hydrogen CEO Adlan Ahmaad and Continental Automotive CEO Prashant Doreswamy. The Chief Minister assured the two companies of all cooperation and urged the companies to implement the projects within the time frame.

Petronas has committed to invest Rs 31,200 crore to set up a renewable energy plant in Mangaluru. It will add about 3,000 jobs.

Continental Automotive will invest about Rs 1000 crore in an R & D centre, which is expected to add about 6000 jobs. The company is engaged in automotive software development and mobility technology development. The proposed investment is towards the expansion of its Technical Center India (TCI).

The State Government had, recently, signed an MoU with ReNew Power Company at Davos for an investment of Rs 50,000 crore in the renewable energy sector. The state has also signed an MoU with ACME Cleantech Solutions for setting up Hydrogen and Ammonia production plants in Mangaluru with an associated solar power unit at an investment of Rs 52,000 crore.

Also read:
Ten steps by NITI Aayog to make India a green hydrogen hub
JSW Steel to invest Rs 100 billion to increase use of renewable energy

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