Japan's Marubeni Eyes High-Tech Industrial Park in Karnataka

20 Jul 2023 CW Team

Japan's Marubeni Corporation has shown keen interest in establishing a cutting-edge industrial park, spreading over 720 acres near Vemagal in the Kolar district of Karnataka, as revealed by M B Patil, the State's Large and Medium Industries Minister. The estimated initial investment for this ambitious project stands at Rs 28 billion.

A delegation from the company recently met with Minister Patil to hold discussions regarding the venture. Patil expressed the government's enthusiasm to push the project forward and stated that important decisions would be made after a high-level meeting.

The company representatives, during their presentation, emphasised the projected initial investment of Rs 28 billion, which they believed would attract an additional Rs 80 billion in the form of foreign direct investment (FDI). This influx of funds would raise the total investment to over Rs 100 billion and contribute to the creation of 40,000 job opportunities. The delegation also asserted that the project would contribute two billion US dollars to the economy of Karnataka.

Moreover, the Japanese Ministry of Economy, Trade, and Industry has already approved the project's feasibility report, further supporting its viability.

Marubeni Corporation, headquartered in Tokyo, has an impressive track record of developing high-tech industrial parks in countries like China, Thailand, and the Philippines. They have ongoing projects in Indonesia, Myanmar, Vietnam, and other nations as well. The company's expertise lies in catering to the demands of social infrastructure, health, wellness, and implementing digital and innovation strategies. Their focus extends to smart city development and decarbonisation in various sectors.

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