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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
14 India-bound ships in Strait of Hormuz stopped by Iran; 1 hit by bullets, 1 crosses: Sources
New Delhi (PTI): A convoy of 14 India-bound ships carrying crude oil and gas were stopped by the Iranian Revolutionary Guard Corps (IRGC) by firing at two of them while they were transiting the Strait of Hormuz, leading to 13 of the vessels returning to different locations in the Persian Gulf, official sources privy to the development said.
An Indian-flag carrying ship, which was hit by bullets fired by the IRGC while crossing the Strait of Hormuz, was carrying crude oil and a window pane was broken, forcing it to stop the journey and return. The extent of damage to the second vessel was not immediately known but it also had returned.
However, another ship, which was Indian flagged and loaded with crude oil for the Hindustan Petroleum Corporation Limited, sailed through the Strait and is now heading towards India, the sources said.
Two Iranian gunboats approached the targeted tanker and fired at it without warning. Gunboats approached the vessel 37 kilometres northeast of Oman, causing other vessels to return without completing the crossing, the sources said.
The incident was reported in waters between the Qeshm and Larak islands, they said.
Out of the 14 India-bound vessels, seven are carrying the Indian flag, four have the Liberia flag, two are of the Marshall Islands and one of Vietnam.
Six of them are loaded with crude oil, three have LPG and four are loaded with fertilisers. Among the ships, five are bulk carriers. All 14 vessels were sailing in a row.
Thirteen of them were stopped by the Iranian Navy and were instructed to wait. Out of the 13 stranded vessels, seven vessels are drifting south of Larak Island, waiting for clearance from the Iranian Navy, the sources said.
The Indian government is understood to have been coordinating with the Iranian authorities for the safe voyage of the stranded India-bound ships, they said.
The standoff over the Strait of Hormuz reportedly escalated again on Saturday as Iran reversed its reopening of the crucial waterway and fired on ships attempting to pass. This came as the United States pressed ahead with its blockade of Iranian ports.
Confusion over the Strait, through which roughly one-fifth of the world's oil passes, threatened to deepen the energy crisis.
The ceasefire between Iran and the US is due to run out by mid-next week.
Iran's joint military command said Saturday that "control of the Strait of Hormuz has returned to its previous state ... under strict management and control of the armed forces."
It warned that it would continue to block transit through the strait as long as the US blockade of Iranian ports remained in effect.
