Karnataka signed memorandum of understanding with 34 aerospace and defence companies at the 13th edition of Aero India show in Bengaluru on Friday, in what the state government called as an effort to emerge as the aerospace hub for Asia in future.
The newly signed MoU’s with Bengaluru based companies is expected to attract an investment of Rs 2,464 crore and generate 6,462 direct employment opportunities, the state government said in a press release. Some of these firms have promised to invest heavily in the sector such as Abhyuday Bharat Mega Defense Cluster (Rs 1,000 crore), Gopalan Aerospace Pvt Ltd (Rs 438 crore), Alpha Design Technology and Tesbl Aerospace Corporation (Rs 250 crore).
“Karnataka has a vibrant aerospace and defence sector ecosystem in the country. With state accounting for over 65% of defence and aerospace exports from the country, these MoU’s with various companies will encourage to attract further investments and generate employment in the state,” Jagadish Shettar, large and medium industries minister said while signing the MoU.
He said so many companies signing up to invest in Karnataka also reflected the strength of the state’s aerospace and defense ecosystem manufacturing prowess.