BENGALURU: A Karnataka government delegation led by Minister for Large and Medium Industries and Infrastructure Development MB Patil on Wednesday met senior officials of Korean companies — YG-1, Krafton, Go Pizza and HY Automotive Controls — to invest in the state.
The delegation visited the R&D facility of cutting tool manufacturer YG-1 in Incheon, South Korea. During meetings with senior company executives, an agreement was reached for an investment of $150 million in Karnataka. The discussions focused on YG-1’s future plans in India and export strategy. The delegation highlighted the state’s strong manufacturing ecosystem, including Tumakuru Machine Tool Park (TMTP), a manufacturing unit operated by YG-1, and shared the incentives and fast track approvals offered under the state’s industrial policy.
Video game publisher Krafton plans to open gaming stations in Karnataka and hire more engineers from India. The company also said it will focus on cross-platform game development and global studio acquisitions. The company has invested $140 million in Indian startups in e-sports, multimedia entertainment, content creation and audio platforms since 2021.
Confident of the government’s support, Go Pizza is now prioritizing India and is looking to expand its operations in Bangalore by tripling the size of its factory there. The delegation urged the company to explore further opportunities in Karnataka by leveraging the state’s FMCG ecosystem and progressive policies. The company is targeting a turnover of over INR 1,500 crore by the end of this fiscal year to replicate Domino’s success in India.
Discussing its expansion plans in India, HY Automotive Controls (HYAC) along with Patil said they are scouting a three-acre site for a factory near Bengaluru. The decision to expand to India was driven by requests from key customers Hyundai and Kia, who are looking to establish India as a strategic export hub to replace their current manufacturing bases in China. The Indian automotive market is growing rapidly and HYAC sees huge opportunities for growth and expansion.
The meeting was also attended by Selvakumar S IAS, Principal Secretary, Ministry of Commerce and Industry and Gunjan Krishna IAS, Commissioner for Industrial Development and Secretary, Ministry of Commerce and Industry.
Published July 3, 2024 23:07 IST
