Karnataka government signs MoUs with two Korean firms
The MoUs were signed on the second day of the delegation's visit, led by Karnataka Minister for Large and Medium Industries and Infrastructure Development MB Patil.
The Karnataka government on Tuesday signed two MoUs worth Rs 1,040 crore with DN Solutions and EMNI Company Limited in Seoul, South Korea.
The MoUs were signed on the second day of the delegation's visit, led by Karnataka Minister for Large and Medium Industries and Infrastructure Development MB Patil.
He participated in the 'Roadshow on Investment Opportunities in Karnataka' in Seoul, South Korea, which was organised by the Karnataka government and Embassy of India.
A statement issued by his office said these strategic partnerships are set to advance the state's manufacturing, research and development, and battery technology sectors.
"Karnataka secures Rs 1,000 crore investment from DN Solutions and has committed from the company for an investment of Rs 1,000 crore towards establishing machine manufacturing facilities, a research and development centre, and a technical support centre for Indian manufacturing companies," the statement read.
He also said EMNI Co. Ltd has committed to invest Rs 40 crore for battery technology advancements. The MoU is for investing in the storage, testing, and recycling of LG Energy Solution's battery cells in Karnataka.
Edited by Megha Reddy