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The Karnataka government has announced the establishment of a new steel plant in Koppal district with an investment of ₹2,345 crore. The project will be set up by Mukand Sumi, a joint venture of the Bajaj Group and Japan’s Sumitomo.
The plant, expected to be operational by 2028, will have a production capacity of 3.5 lakh tonnes of iron and steel annually. Alongside, Sumitomo has also shown interest in setting up a biomass unit in the state.
During a recent delegation visit to Japan, the Karnataka team secured additional commitments:
JFE Shoji will explore reviving the New Government Electrical Factory (NGEF) in Hubballi and has approved a ₹400 crore project for EV motor core manufacturing.
Yaskawa confirmed investment in a motion control and variable frequency drives (VFD) manufacturing unit in Bengaluru.
The government stated these initiatives will boost industrial growth, create jobs, and strengthen Karnataka’s position as a hub for advanced manufacturing.
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