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

Economic TimesEconomic Times · 13d
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.

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