JSW Group plans to invest Rs 1 trillion in Karnataka over the next five years across all its businesses, including steel, green energy, cement, paints and a new greenfield port, chairman Sajjan Jindal said.
The proposed investment would be in addition to the Rs 1 trillion already invested in the state, Jindal said in his address at the inaugural function of ‘Invest Karnataka 2022’, the state’s Global Investors’ Meet (GIM) in Bengaluru on Wednesday.
JSW has a steel plant in Karnataka’s Bellari district and a 12 million tonne per annum capacity manufacturing unit in Vijayanagar, which was dry and barren when the group took it over in the mid-90s.
“With the support of the state and people here, we converted it into what is now the biggest steel plant in India and will soon be the largest steel plant in the world, based on our ongoing expansions,” he added.
Jindal also requested the Karnataka government to consider mineral resource auctions to maintain the current “growth trajectory” and encourage investments in the state’s manufacturing sector.
“While I speak for the evolution that is taking place in steelmaking, time is off the essence, as minerals like iron-ore will not always be needed for production of steel —hence it is imperative that these assets are monetised at the earliest,” Jindal said. This has helped generate significant revenue for the states such as Odisha, which was the first to auction its mines.
Jindal also said Karnataka is one of the most preferred investment destinations in India for over two decades, and this represents the government’s ‘One State, Many Opportunities’ mantra.
“I must highlight that our experience of starting up and running an industry here has been seamless and lucrative. We have not lost one man-day of operations at our plant due to supply chain, labour or utility issues — a testament to the pro-business environment that exists here,” he said.
“It is no surprise that quality education, pro-active governance and effective policy-making have rendered Bengaluru our start-up capital with the highest ease of doing business score in the country.”
Karnataka has been a pioneer in the development of industries and continues to provide a ripe ecosystem that nurtures entrepreneurship and innovation at its core.
Karnataka’s economic growth across sectors such as IT, aerospace, automotive, animation and gaming, telecommunication and agriculture has been “steadfast” and has helped position India as a frontrunner on the global map, he added.
This state is also home to the largest number of medical institutes, engineering colleges and industrial training institutes in India.
He also said that India is witnessing supply-side constraints that are overpowering demand.