BENGALURU: The Karnataka government signed a Memorandum of understanding (MoUs) with Malaysia-based Petronas Hydrogen and Continental Automotive Components (India) for a total investment of Rs 32,000 crore in the presence of Chief Minister Basavaraj Bommai.
The MoUs were signed by Additional Chief Secretary to the Department of Commerce and Industries, Dr E V Ramana Reddy, Petronas Hydrogen CEO Adlan Ahmaad and Continental Automotive CEO Prashant Doreswamy.
Speaking on the occasion, Chief Minister Bommai assured the two companies of all cooperation from the state government and wanted the companies to implement the projects within the time frame. Minister for IT, BT Dr C N Ashwath Narayan, CM’s Principal Secretary N Manjunatha Prasad, and Commissioner for Industries department, Gunjan Krishna, were present.
Petronas has committed to invest Rs 31,200 crore to set up a renewable energy plant in Mangaluru. It will create employment opportunities for 3,000 people.
Continental Automotive is set to have a direct foreign investment of Rs 1000 crore for setting up of a Research and Development Centre. It is expected to provide jobs for 6,000 persons. The company is engaged in automotive software development and mobility technology development. The proposed investment is aimed at expansion of its Technical Centre India(TCI).
Earlier, the state signed an MoU with ReNew Power Company at Davos for an investment of Rs 50,000 crore in the renewable energy sector. The Bommai government also signed an MoU with ACME Cleantech Solutions Company for setting up hydrogen and ammonia production plants in Mangaluru with an associated solar power unit with an investment of Rs 52,000 crore. (ANI)