Tuesday April 23, 2019
Home Science & Technology Siddaramaiah ...

Siddaramaiah woos US aerospace firms to ‘Make in Karnataka’

0
//

Bengaluru: Pitching for investments to boost the state’s growth story, Chief Minister Siddaramaiah on Wednesday urged US aerospace firms to make products and components for domestic and global markets in Karnataka.

“I appeal to this august gathering of industry to invest in the aerospace sector and be part of ‘Make in Karnataka’,” Siddaramiah said at the US-India aviation summit here.

Noting that Bengaluru was India’s aerospace hub with 65 percent of the country’s investment in the sector, the chief minister said Karnataka was the first state to have an aerospace policy (2013-2023) to attract investments and new technologies.

“The growth potential of aerospace and defence industry has attracted global majors like Boeing, Honeywell, Airbus, EADS, Pratt & Whitney, Rolls Royce and UTC Aerospace to set up their engineering and design services in this tech hub,” Siddaramaiah told at least 300 delegates participating in the three-day event.

Assuring the prospective firms of the state government’s support to facilitate their investments with incentives, Siddaramaiah said a dedicated Aerospace Park has been formed near the Bengaluru international airport at Devanahalli on 984 acres of land, with a special economic zone (SEZ) and the country’s first aerospace SEZ at Belagavi in the state’s northern region, about 500 km from Bengaluru.

Home to the state-run Hindustan Aeronautics Ltd. (HAL) and other major defence units such as Bharat Electronics Ltd. (BEL), Aeronautical Development Agency (ADA), Aeronautical Development Establishment (ADE), National Aerospace Laboratories (NAL) and Defence Research and Development Organisation (DRDO), Bengaluru has pioneered the growth of the aerospace industry across the country.

“Growth potential of our aerospace and defence industry is making global majors to set up their subsidiaries in India and collaborate with our industry for joint ventures, as the defence offset policy offers a huge opportunity to make for us and exports,” Siddaramaiah pointed out.

In this context, the chief minister said Maintenance, Repairs and Operations (MRO) segment in the civil aviation sector was estimated to be Rs.1,300 crore by 2020.

“Given the labour-intensive nature of MRO, leading MRO firms, Original Equipment Manufacturers (OEMs) and international airlines are looking forward to outsource this work to Indian firms, as they are being done outside the country in Dubai, Sri Lanka and Singapore,” Siddaramaiah added.

The state has recently launched e-udyami, an online one-stop shop which allows investors to apply for approvals and monitor status of their projects’ implementation.

Union Civil Aviation Minister Ashok Gajapathi Raju and US Ambassador to India Richard Verma addressed the gathering at the inaugural session.

Sponsored by the US Trade and Development Agency in partnership with the central government, the summit is meant to assist Indian stakeholders to identify and specify US technology and practices to suit their expansion and modernisation needs.

The Indian civil aviation market is expected to be $110 billion by 2020, as the country is projected to become the world’s third largest aviation market, handling 336 million domestic and 85 million international passengers.

The summit is also aimed at promoting sale of US equipment and services in a competitive Indian aviation market.

(IANS)

Next Story

Uber’s Self-driving Unit Gets $1 bn Investment

According to market sources, the company may provide a price range for its shares later in April and would go public in May

0
Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

The self driving unit of global ride-sharing major Uber has announced a $1 billion investment from Japanese conglomerate SoftBanks Vision Fund, car manufacturer Toyota and automotive component supplier Denso.

“Excited to announce Toyota, Denso and the SoftBank Vision Fund are making a $1 billion investment in Uber, as we work together towards the future of mobility,” Uber CEO, Dara Khosrowshahi tweeted late on Thursday.

Toyota and Japanese auto-parts supplier Denso will together invest $667 million, while Softbank’s Vision Fund will invest $333 million. SoftBank is already Uber’s largest shareholder, the CNBC reported.

Car maker Toyota invested $500 million in Uber in August 2018 when the two companies announced their intention to bring pilot-scale deployments of automated Toyota Sienna-based ridesharing vehicles to the Uber ridesharing network in 2021.

Uber app.

Uber officially filed its IPO process last week with the public filing of its prospectus. It would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

“We have incurred significant losses since inception, including in the United States and other major markets. We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability,” the company had said in the “S-1” form or the IPO Prospectus submitted to the Securities and Exchange Commission.

Also Read- WhatsApp Testing Official Emojis for Status Doodling

The company noted that as of December 31, 2018, it had 91 million or 9.1 crore monthly active platform users. There were 3.9 million or 39 lakh drivers on the platform by the end of 2018.

According to market sources, the company may provide a price range for its shares later in April and would go public in May. (IANS)