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Karnataka Aattracts Huge Investment in Renewable Energy at Invest Karnatak 2022

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Coastal Karnataka To Get Around Rs. 2 Lakh Crore Investment in RE Sector

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At the recent Investor Summit, Karnataka got total proposal worth ₹8 lakh crore, said Industries Minister Murugesh R. Nirani.

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Prime Minister, Narendra Modi made a pitch to India for being the best destination for international investors and a reliable player within supply chains, particularly after the Covid-19 pandemic. This was on the first day at the Invest Karnataka 2022 global investor meeting.

Modi stated, “Investing in India is investing in inclusion, democracy and investing for the future of the world and for a cleaner, safer, and more secure planet.”

As they sought to increase their presence in Karnataka, Adani and JSW groups announced that they would each invest Rs 1 trillion in Karnataka. It would be spread over five year.

Adani Ports and SEZ Chief executive Officer Karan Adani said that the investments lined up by his group would be invested in sectors like renewable energy, cement and airports as well as edible oils, over the next seven year.

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According to company officials, the Vedanta group pledged Rs 80,000 crore for investments in renewable energy, gold, and iron ore mining.

“The future is hybrid in renewable energy. Customers no longer need to have just plain vanilla wind or solar. Customers demand affordable, green, and reliable power. Karnataka is one of the few states that has both solar and wind potential. Pratik Agarwal, managing director, Vedanta Group unit Sterlite Power said that the state also offers attractive locations for pumped hydro storage. This is an important component of the 24-hour value chain.”

ReNew Power, ABC Cleantech, and ACME Solar claimed they would each bring in Rs. 50,000 crore to Karnataka. However, Sterlite Power stated that it would invest Rs. 50,000 in the state.

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