Mumbai, Maharashtra, June 11, 2012 — Karnataka ‘s GIM ( Global Investors Meet) ushered in investments worth Rs. 7.6 Lakh crore with the top notches nationally and internationally keen on investing here. Infotel Broadband Limited, a subsidiary of RIL (Reliance Industries Limited) signed a Memorandum of Understanding (MoU) with the government of Karnataka to set up a new unit in Devanahalli. The second day of the GIM’s meet witnessed the signing of the MoU between the two parties. This unit set by RIL will spread over 36 acres and involve an investment of Rs.3, 300 crore.
RIL’S Infotel Broadband had recently announced its plan to establish 1, 00,000 new towers for its 4G operations. At present, RIL is the only company with pan- India broadband wireless access to provide 4G facility. Pulling out from the asset light model, it announced its telecom project to be independent in nature, dismissing rumors regarding its collaborations with third parties. Mukesh Ambani led RIL won the auction that granted it the rights for 4G operations on a pan India basis for Rs. 12,848 crore. It acquired 95% stake from Himachal Futuristic Communications in Infotel Broadband for Rs. 4800 crore. RIL’s 4G launch is highly anticipated where it intends to introduce high-speed internet and data services across the country.
The GIM meeting also observed other leading companies signing their MoUs with the Karnataka Government including Infosys and Wipro who will set up SEZ there. Infosys will set up SEZ near the Bengaluru International Airport entailing to an area of 60 acres of land and propelling an investment of Rs. 595 crore. Wipro will set up SEZ in the Sarjapur area that will spread over 35 acres and demand an investment worth Rs. 461 crore.
The signing of around 750 MoUs in this meeting served as a testament to the fact that the Indian economy is buoyant at present. Deputy Chief of Mission at the US embassy, Donald Lu claimed that Bengaluru and Hyderabad are emerging as aerospace hubs internationally, paving way for a strong US- India hi-tech partnership. He also mentioned that Indian workforce is no longer associated with call centers. The image has been altered with them representing innovation and risk taking at present. The GIM meeting discussed and focused on varied sectors including economics, science, tourism, textile, infrastructure, energy, science and technology, etc.
Karnataka Government also announced its setting up of a high-class innovation center for entrepreneurs and start- ups that will run professionally, without the involvement of bureaucrats.
Source: India PRwire