The collective investment is expected to generate more than 9,000 jobs
Petronas Hydrogen and Continental Automotive Components India have signed a memorandum of understanding (MoU) with the Karnataka government to invest ₹32,000 crores in the state.
The collective investment is expected to generate more than 9,000 jobs in the state. Petronas has committed to invest ₹31,200 crores to set up a renewable energy plant in Mangaluru, which is expected to create employment opportunities for 3,000 people.
Continental Automotive is set to have a direct foreign investment of ₹1,000 crores for a Research and Development Centre, expected to provide 6,000 jobs. The company is engaged in automotive software development and mobile technology development. The proposed investment is aimed toward the expansion of its Technical Center India(TCI).
Karnataka Chief Minister Basavaraj Bommai assured the two companies of all the cooperation from the state government and urged them to implement the projects within the time frame. Minister for IT, BT Dr CN Ashwathnarayan, CM’s Principal Secretary Manjunath Prasad, and Commissioner for Industries department Gunjan Krishna were present on the occasion.
The state government has been making investments in the renewable energy sector. Recently it had signed an MoU with ReNew Power at Davos, World Economic Forum (WEF), for an investment of ₹50,000 crores in the renewable energy sector. It also inked an MoU with ACME Cleantech Solutions for setting up hydrogen and ammonia production plants in Mangaluru with an associated solar power unit with an investment of ₹52,000 crores.