Kirloskar Ferrous to invest Rs 3,000 crore in Karnataka: Minister M B Patil
Bengaluru (PTI): Kirloskar Ferrous Industries, a manufacturer of pig iron and grey iron castings, will invest Rs 3,000 crore in its Hiriyuru plant in Karnataka over the next three years, Industries Minister M B Patil said on Tuesday.
He said that several major firms, including Wipro PARI, Atlas Copco, Bel-Rise Industries, Finolex, and Fluid Controls Limited have shown interest in investing in the state.
"These companies, which are ready to bring in new investments, will be extended full support from the government in terms of land, infrastructure, and other facilities," Patil was quoted as saying by his office in a release.
Accompanied by a high-level delegation from the Department of Industries and Commerce, the minister conducted a roadshow in Pune and held discussions with several prominent industrialists regarding investment opportunities in Karnataka.
Patil said that Kirloskar Ferrous already has a unit at Hiriyuru in Chitradurga district and plans to upgrade it.
"The company intends to start sponge pipe production and enhance the capacity of its steel manufacturing unit. It will also increase iron ore processing and modernise its foundry operations," he said.
Highlighting the company's contribution to the local economy, the minister noted that nearly 99 per cent of its employees are Kannadigas.
"This will further strengthen regional economic growth and promote inclusive development," he said. Kirloskar has also been contributing 2 per cent of its profits to its CSR fund for over 20 years, with a focus on improving healthcare facilities in rural areas, he added.
Noting that Wipro PARI has already set up an electronic copper laminate manufacturing unit in Karnataka, Patil said, construction began two days ago at the KIADB industrial area in Adinarayana Hosahalli, near Doddaballapura. The company also plans to establish a Smart Robotics Laboratory there.
Sweden-based Atlas Copco, known for sustainable industrial manufacturing, acquired Bengaluru-headquartered HHV Pumps in 2021, he said, the company now plans to expand its production operations in Karnataka.
Stating that Bel-Rise Industries, which has made a mark in the aerospace and defence sectors, already operates units at Narsapura in Kolara and Beluru Industrial Area in Dharwad, the minister said, the company recently acquired H-One Private Limited and has sought 25 acres of land in Mysuru to expand its operations. "This proposal will be reviewed."
Finolex, known for its PVC pipes and fittings, is expected to set up a unit in Karnataka, while Fluid Controls Limited has proposed an investment of Rs 90 crore and has requested five acres of land, which will be allotted soon, the minister said.
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CM launches poster campaign 'Justice for Karnataka'
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Friday released nine posters as part of a campaign: ‘Justice for Karnataka. Fair Share–Strong Federalism’ asking the Centre to heed state's demands.
These posters highlight key demands placed before the Finance Commission: Restoring Karnataka’s fair tax share; correcting unjust income, population and GSDP criteria; ensuring fair disaster and ecological support; strengthening decentralisation; providing dedicated infrastructure support for Bengaluru; supporting backward regions like Kalyana Karnataka; and upholding the constitutional spirit of cooperative federalism, Siddaramaiah said.
In a statement, Siddaramaiah said his government has placed its legitimate and constitutionally grounded demands before the 16th Finance Commission, seeking justice in tax devolution and fiscal federalism.
“We hope that the 16th Finance Commission reflects these concerns fairly in its recommendations, and that the Union Government under Prime Minister Narendra Modi implements them in letter and spirit, without subjecting Karnataka to petty politics or discrimination, as has unfortunately happened in the past,” the chief minister said.
Siddaramaiah underlined that Karnataka is among the country’s highest contributors to national revenues, yet its share in tax devolution was earlier reduced from 4.71 per cent to 3.64 per cent causing a loss of nearly Rs 80,000 crore.
"Flawed formulas that penalise development and population control, unrealistic GSDP calculations, inadequate disaster support, unchecked cesses and surcharges, denial of GST compensation, and non-release of recommended grants have collectively weakened the state’s finances," Siddaramaiah charged.
