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Blow for Karnataka: Lenskart drops plans for Bengaluru, signs up with Telangana for Rs 1500 crore investment

Economic Times

Economic Times · 7m ago

Blow for Karnataka: Lenskart drops plans for Bengaluru, signs up with Telangana for Rs 1500 crore investment

Aarin Capital chairman TV Mohandas Pai has appealed to Industries & Infrastructure Minister MB Patil to intervene and prevent eyewear chain Lenskart from shifting its planned investment from Karnataka to Telangana. Telangana's IT & Industries Minister announced that Lenskart has signed a Memorandum of Understanding to establish the world's largest eyewear manufacturing facility in the state. Pai called it a "blow for Karnataka" and urged Patil to take immediate action to retain the investment. Patil defended the government's stance, stating that incentives were meant to enhance project viability and some investors sought higher incentives than their investment warranted.

Related News

Lenskart to set up world’s largest eyewear plant in Telangana signs MoU

Economic Times

Economic Times · 7m ago

Lenskart to set up world’s largest eyewear plant in Telangana signs MoU

Lenskart has entered into an agreement with the Telangana government to establish a major eyewear manufacturing facility in Fab City, Telangana. With an investment of approximately Rs 1,500 crore, this facility aims to become the world's largest eyewear manufacturing plant. The plant will produce a wide range of eyewear products, including lenses, sunglasses, and accessories, catering to both domestic and international markets. This project is expected to create around 2,100 job opportunities and support Lenskart's growth in becoming a global eyewear maker.

Telangana seeks MeitY nod for pending semiconductor projects

Economic Times

Economic Times · 3m ago

Telangana seeks MeitY nod for pending semiconductor projects

Telangana is awaiting approval from the Ministry of Electronics and Information Technology (MeitY) for three semiconductor investment proposals, complementing recent approvals for electronics manufacturing clusters (EMCs) and a common facility centre. These projects represent a total investment of Rs. 1778.86 crore. The state aims to strengthen its electronics ecosystem and attract more investments. Meanwhile, Karnataka has submitted multiple applications under various MeitY schemes, valuing Rs. 183,623.31 crore, to bolster its manufacturing sector.

Ethereal Machines signs MoU with Karnataka Government to establish factory in Bengaluru

YourStory

YourStory · 4m ago

Ethereal Machines signs MoU with Karnataka Government to establish factory in Bengaluru

Bengaluru-based Ethereal Machines has signed an MoU with the Karnataka Government to establish a three-lakh-square-feet smart factory in Bengaluru as part of Invest Karnataka 2025. The facility will focus on precision manufacturing and R&D, utilizing Ethereal Machines' proprietary multi-axis CNC machines. This initiative supports Karnataka's aim to become a hub for manufacturing excellence, enhancing India’s industrial capabilities. Ethereal Machines pivoted to a "machining-as-a-service" model, recently raising $13 million for expansion.

Lenskart plans to set up ‘mega factory’ near Bengaluru airport; seeks 25 acres of land

Business Today

Business Today · 1y ago

Lenskart plans to set up ‘mega factory’ near Bengaluru airport; seeks 25 acres of land

Eyewear company Lenskart is searching for a large land parcel near Bengaluru airport to build its upcoming 'mega factory'. CEO Peyush Bansal announced the company's need for 25 acres of land and received a swift response from the Karnataka government, assuring their support. Lenskart is also reportedly preparing for an initial public offering, according to SoftBank Vision Fund CFO Navneet Govil. The company, founded in 2008, specializes in eyewear and aims to serve 1 billion eyes globally by 2025.

Foxconn invests Rs 461 crore in Bengaluru unit

Economic Times

Economic Times · 1y ago

Foxconn invests Rs 461 crore in Bengaluru unit

Electronics manufacturer Foxconn has invested $55.29 million (Rs 461 crore) in its Bengaluru-based subsidiary, Foxconn Precision Engineering Private Limited. The investment was made through its Singapore-based subsidiary, Foxconn Singapore. Foxconn Precision Engineering was established six months ago and the company has also proposed setting up a supplementary plant at the Devanahalli Information Technology Investment Region in Karnataka. The investment is expected to create employment opportunities for around 50,000 people in the first phase at Devanahalli.

Folks Motor marks first close of maiden investment fund for mobility bets

VCCircle

VCCircle · 1m ago

Folks Motor marks first close of maiden investment fund for mobility bets

Folks Motor has announced the first close of its Folks Funds, a Category II alternative investment fund targeting Rs 500 crore, with Rs 100 crore secured initially. The fund focuses on the electric vehicle (EV) supply chain and aims for 50% domestic value addition. Investments target powertrain systems, energy storage, and EMS. A significant portion will develop "The Blue IP," an industrial park in Haryana to support EV infrastructure. It also collaborates with Telangana and Karnataka for EV ecosystem expansion.

Southern states look to outfox each other in hunt for a Foxconn ‘city’

Economic Times

Economic Times · 10m ago

Southern states look to outfox each other in hunt for a Foxconn ‘city’

Taiwanese electronics manufacturer, Foxconn, is being offered land parcels in Telangana, Karnataka, and Andhra Pradesh to set up industrial parks or cities. The Telangana government has offered 2,000 acres for the establishment of a 'Foxconn City' modelled after the company's facilities in China and Taiwan. Karnataka has provided 300 acres for a supplier park, while Andhra Pradesh has offered 2,500 acres for an industrial park. Foxconn has expressed interest in building an industrial township near Chennai, creating a self-sufficient city with housing and basic amenities for workers. The expansion in India aims to decrease Foxconn's reliance on Chinese facilities.

Lenskart’s Peyush Bansal charts global expansion amid IPO buzz

Economic Times

Economic Times · 4m ago

Lenskart’s Peyush Bansal charts global expansion amid IPO buzz

Peyush Bansal founded Lenskart in 2010, aiming to make it a global brand focused on scale and customer experience. The company considers an IPO while prioritizing consistent service. With over $1 billion in annual revenue, Lenskart emphasizes technology and efficiency for profitability. Expansion includes a new Telangana facility, enhancing manufacturing capacity. Lenskart continues refining its omni-channel strategy and in-store experiences, inspired by global standards, while fostering new leadership for sustained growth.

EV maker River Mobility to build ₹1000 crore facility

Internet

Internet · 11m ago

EV maker River Mobility to build ₹1000 crore facility

River Mobility, a Bengaluru-based EV startup, plans to invest ₹1,000 crore in a new 25-50 acre facility, producing 5 lakh vehicles annually. They're in talks with Andhra Pradesh, Tamil Nadu, Karnataka, and Telangana. CEO Aravind Mani stated that their $68 million funding from Yamaha and Toyota will help fund it.

'Lenskart seeking factory land in B'luru,' says Peyush Bansal, K'taka minister replies

Inshorts · 1y ago

'Lenskart seeking factory land in B'luru,' says Peyush Bansal, K'taka minister replies

Lenskart Co-founder and CEO Peyush Bansal said the company is looking for 25-acre land within 60km of Bengaluru airport to build its next mega factory. Responding to his LinkedIn post, the state's Minister for Commerce & Industries MB Patil said, "Karnataka is the place to be! Industries Department is here to support...and facilitate...your needs. Concerned officials will reach out, immediately."

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