Karnataka Signs MoUs With Petronas Hydrogen and Continental Automotive Components For Investment Worth Rs 32,000 Cr

The Karnataka Government has signed two separate Memorandums of Understanding with Malaysia-based Petronas Hydrogen and Continental Automotive Components. This will usher an investment in the state to the tune of Rs 32,000 crore.

The MoUs were signed by Dr. EV Ramana Reddy, Additional Chief Secretary in the Department of Industries and Commerce. Chief Minister Basavaraj Bommai also marked his presence. Petronas Hydrogen and Continental Automotive were represented by CEO Adlan Ahmaad and CEO Prashant Doreswamy respectively.

Chief Minister Basavaraj Bommai assured both the companies of lending every kind of support at policy or executive level. Petronas has committed to investing Rs 31,200 crore for establoshing a renewable energy plant in Mangaluru. This will provide employment opportunities to 3000 persons.

On the other hand, Continental Automotive will be making an investment of about Rs 1000 crore in an R & D centre for the expansion of Technical Centre India. The TCI will seek to work on automotive software development and mobility technology development, thereby adding about 6000 jobs.

Karnataka has recently made huge strides in renewable energy. The state made headlines at Davos where an MoU was signed with ReNew Power Company for an investment of Rs 50,000 cr. The state has also signed an MoU with ACME Cleantech Solutions for setting up Hydrogen and Ammonia production plants in Mangaluru with an associated solar power unit at an investment of Rs 52,000 crore. The State Government is currently committed to working on a Green Hydrogen policy to further strengthen its position in the renewable energy sector.

In April, the state was not only self sufficient but also among the highest power sellers in the category, data shows. According to data from the energy department, renewable energy accounts for 52% of the state’s power needs, followed by thermal, hydro and nuclear at 34%, 12% and 3% respectively. A new EV park is taking shape outside Bengaluru. The state government is also looking to organise a Global Investor Summit in November this year for the first time since 2016 to attract more investments from abroad to set up RE projects and neutralise COVID-induced sluggishness. Exide, the country’s largest automotive battery maker, in April announced an investment of Rs 6,000 crore in setting up one of the countries largest Giga factories dedicated to advanced cell chemistry technology in Haralur near Bengaluru International Airport.