Big Investment Boost for Karnataka: Japanese Firms Eye Steel Plants and EV Tech
Bengaluru got exciting news today as Karnataka’s Minister for Large and Medium Industries, M.B. Patil, announced a massive Rs 2,345 crore investment for a new steel plant in Koppal district. This move promises to create jobs and supercharge the state’s industrial growth.
In his statement, Minister Patil shared that Japanese giant Sumitomo, teaming up with the Bajaj Group through their joint venture Mukand Sumi, will build this steel manufacturing unit. "The plant will start operations by 2028 and produce 3.5 lakh tonnes of iron and steel every year," he said. That’s a huge win for Karnataka’s steel industry and local economy.
Sumitomo isn’t stopping there—they’ve also shown interest in setting up a biomass unit in the state soon, adding to the green energy push.
This announcement came during the third day of a high-level Karnataka delegation’s visit to Japan, aimed at attracting big investments. The team met top officials from Sumitomo, Yaskawa, and JFE Shoji to discuss partnerships.
Minister Patil had a key chat with JFE Shoji about reviving the iconic New Government Electrical Factory (NGEF) in Hubballi. "JFE leads in making power converters, and we’re exploring a state partnership to bring NGEF back to life," Patil explained. He invited JFE’s senior leaders, including Hiroshi Iijima (General Manager, Machinery Division) and Hidekazu Yoshioka (Manager, Electrical Appliances Steel Planning Division), to visit the Hubballi site for initial talks.
JFE Shoji gave a positive nod, promising to roll out a separate Rs 400 crore project soon. This will focus on manufacturing motor cores for battery-powered and electric vehicles (EVs and BEVs), boosting Karnataka’s role in the growing EV market.
Meanwhile, Yaskawa confirmed its plans to invest in a new unit for motion control and variable frequency drives right in Bengaluru. "This will make Karnataka a top hub for advanced manufacturing technology," the minister added enthusiastically.
The delegation included key figures like Selvakumar S., Principal Secretary for Commerce and Industries, and Gunjan Krishna, Commissioner for Industrial Development and Director of the Department of Industries and Commerce. Their Japan trip is already yielding results, with these investments set to transform sectors like steel production, EV components, and industrial tech in Karnataka. Stay tuned for more updates on these game-changing projects!
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