Karnataka Global Investors Meeting in Bangalore
“Over the next five years, we plan to increase our renewal capacities tenfold and invest nearly Rs 50,000 crores in renewable energy generation. That means a lot of that investment will come to Karnataka,” Agarwal said.
Sterlite Power is a private electricity transmission provider belonging to the Vedanta group.
In his special address at the Invest Karnataka: Global Investor’s Meet, Agarwal said, “Karnataka has made one of the greatest contributions to brand India, globally and Bengaluru, has specifically placed India on the world map of technology. Karnataka has made all Indians extremely proud and continues to do so in all sectors, such as IT services, software, steel, renewable energy and beyond. Karnataka plays a central role in the renewable energy strategy. »
“The Vedanta Group was founded with the sole aim of making India self-sufficient in commodities essential for nation building. As a result, over the past ten years, India has grown from a major net importer of base metals to a major exporter of key commodities such as zinc and aluminum,” he said. .
“Our next mission is to reduce India’s reliance on imported electronics and we will start by manufacturing semiconductors and reducing the import bill by 16 billion on that account. We envision India becoming the net exporter of electronics in the coming years and Karnataka will play a pivotal role in realizing this dream,” added the Managing Director of Sterlite Power.
He further asserted, “The next 30 years will see a global energy revolution and such a dramatic shift in the source of energy from fossil to non-fossil has never been seen since the birth of electricity itself. same. Karnataka currently has one of the highest turnover generations of any state in India. The future of a renewable generation is hybrid.
Agarwal said ordinary solar or wind power is no longer enough to meet the demand of customers, who now demand green, affordable and firm power. “Karnataka is the state that has coexisting solar and wind potential. It also has attractive sites for hydraulic storage by pumping,” he pointed out.
The Vedanta Group is currently constructing over 1,000 megawatts of wind-solar hybrid projects in Karnataka which will be exported to the company’s smelters in Rajasthan, Chhattisgarh and Odisha through the intra-state transmission networks. This will displace millions of tonnes of carbon dioxide emissions and enable the group to produce the cleanest metals in the developing world, the company’s chief executive said.
“Many of our projects were built using heli-cranes, helicopters and drones and as a result they went into operation 12 months ahead of schedule,” he said.
“I urge Karnataka to adopt the model of building intra-state transmission through the PPP route. As electricity consumption there grows in double digits, the state will have to continue to strengthen the networks. Many states have already tasted to success with the model.We are already developing two critical transmission lines in Karnataka, one connecting to Kerala and the other connecting to Maharashtra via Goa.These two lines are essential for the exchange of renewable energy in the years coming,” he said.
The three-day Invest Karnataka: Global Investor’s Meet kicked off in Bangalore on Wednesday. Prime Minister Narendra Modi inaugurated the Global Investor Summit via video conference. The meeting aims to attract potential investors and set the state’s development agenda for the next decade.
The program, to be held November 2-4, would see more than 80 speakers presenting sessions on a variety of industry topics and 5,000 attendees. Key industry leaders including Kumar Mangalam Birla, Sajjan Jindal and Vikram Kirloskar are among the speakers at KGIM 2022. education and global and domestic investors.