Air India, Tata Advanced Systems to invest $277 mln in Karnataka
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Air India, Tata Advanced Systems to invest $277 mln in Karnataka
BENGALURU (Reuters) - Tata Group-owned carrier Air India and plane parts-maker Tata Advanced Systems will invest 23 billion rupees ($277.2 million) in the Indian state of Karnataka, the state government said on Monday.
Air India will conduct maintenance, repairs, and overhaul of planes at the Bengaluru airport, while Tata Advanced Systems will set up manufacturing and research & development facilities in the state, the government said.
The investments will generate around 1,600 jobs directly and more than 25,000 jobs indirectly in the state, it added.
Tata Advanced Systems makes cargo and bulk cargo doors for European planemaker Airbus' (AIR.PA) A320neo family of aircraft, while Air India has the second-biggest market share among domestic Indian airlines as of Jan. 31.
The investment comes a month after Tata Technologies (TATE.NS) an investment of 150 billion rupees in Telangana as part of the conglomerate's commitment to expand in the state.
The Tata Group is also close to announcing plans to build a semiconductor fabrication plant in Prime Minister Narendra Modi's home state of Gujarat, Tata Sons chairman Natarajan Chandrasekaran said last month.
Indian states have also received investment pledges from companies and conglomerates, including Maruti Suzuki(MRTI.NS) and the Adani Group in January, at business events such as the Vibrant Gujarat Global Summit and the World Economic Forum.
