Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Tata Group-owned carrier Air India and plane parts-maker Tata Advanced Systems will invest ₹ 2,300 crore in Karnataka for various projects, the state's Chief Minister announced on Monday.
Out of the total investment, Air India will invest ₹1,300 crore to conduct maintenance, repairs, and overhaul of planes at the Bengaluru airport, while Tata Advanced Systems will set up manufacturing and research and development facilities in the state, he said.
"As a result, 1,200 people will get direct employment, and more than 25,000 jobs will be created indirectly," he said in a post on social media platform X.
Tata Advanced Systems makes cargo and bulk cargo doors for European planemaker Airbus' A320neo family of aircraft.
TASL has earmarked ₹1,030 crore for three projects. Out of this, ₹420 crore will be allocated for setting up a unit to convert civil aircraft into freighter aircraft. ₹310 crores, in addition to ₹300 crores, with investment in a gun manufacturing unit and aerospace and defence research and development undertaken at the expense.
"This will create 450 jobs," the CM said.
Siddaramaiah also said, "This investment by the Tata Group will directly create 1,650 jobs."
TASL plans to supply 50% of the 13,000 spare parts required by the company through its gun manufacturing unit to be set up near Bangalore Airport and in Kolar. "Due to this, 2-3 thousand people will get jobs in more than 300 small and medium industries," he added.
The CM also said that 67% of the planes and helicopters required by the defence department are manufactured in Karnataka.
"In addition, the state contributes 65% to the export turnover of the country's aerospace and defence sectors. 70% of the companies in this sector in the country are based in Karnataka," he said.
Also Read : JSW Steel’s shares up on construction of green steel complex JSW Group interested in acquiring critical mineral blocks
The Centre gave its permission for declaring the southern portion of the Regional Ring Road (RRR) he...
Announcement 21-Feb-2024
West Bengal's Finance Minister Chandrima Bhattacharya presented the state budget for the financial y...
Announcement 09-Feb-2024
Stock Performance: Up 3% ahead of earnings release. Analyst Projections: Mixed expectations for net...
Business 12-May-2025
European green investments have been increasing, but more funding is needed to meet the EU's climate...
Europe 22-Feb-2024
China's CMOC Group has become the world's largest cobalt producer, surpassing Glencore, thanks to it...
China 19-Feb-2024
India became a net importer of steel for the fourth time in the previous year, posing a serious thre...
Ferrous 06-Mar-2024