Astrobase and Bayer to invest Rs 700 crore in Karnataka
The investments by the space tech firm and agricultural company are expected to create approximately 1,470 jobs.
Space technology company Astrobase and Netherlands-based agricultural firm Bayer will invest Rs 500 crore and Rs 200 crore in Karnataka, according to reports by Moneycontrol and Urban Acres. Industries Minister M B Patil announced the investments on November 3 following discussions with representatives from both companies.
Astrobase plans to build a rocket manufacturing facility on 10 acres in the Adinarayana Hosahalli Industrial Area. The minister stated that the unit will have an annual capacity to produce 40 rocket engines and is expected to generate more than 1,250 jobs.
The company, which is led by former Indian Space Research Organisation (ISRO) scientists, has developed an indigenous engine named 'Everest'. This engine is designed for launch vehicles carrying payloads between 8 tonnes and 26 tonnes.
Bayer intends to set up a Global Capability Centre (GCC) in Bengaluru with an investment of Rs 200 crore. This project is expected to create around 220 jobs.
Minister Patil noted that he met with Bayer's leadership in the Netherlands recently to attract investment to the state. Bayer, which produces fertilisers, insecticides and fungicides, aims to hold the groundbreaking ceremony for the centre before the Global Investors Meet scheduled for April next year.