AxisCades Aerospace keen to invest Rs 6,000 cr in Karnataka: Minister Patil

Bengaluru-based aerospace and defence company AxisCades Aerospace Infrastructure Private Ltd is set to invest Rs 6,000 crore in Karnataka, state's Industries Minister M B Patil said on Wednesday.

The minister shared the information after detailed discussions with the company's senior officials.

''The primary objective of AxisCades Aerospace is to establish an integrated hub across 200 acres for manufacturing, testing, and maintenance in aerospace, defence, semiconductor, and Artificial Intelligence (AI) innovation sectors. The company also plans to set up a domestic research and development centre under global partnerships,'' Patil said.

''The company will invest a total of Rs 6,000 crore in phases. The project is expected to generate 20,000 direct and 54,000 indirect jobs in the state. AxisCades also intends to develop aerospace and defence infrastructure, including missile sub systems, radar and sensor systems, and Maintenance, Repair and Overhaul (MRO) facilities for fighter aircraft,'' he said.

In the first phase, the company will invest Rs 1,290 crore, followed by Rs 2,898 crore in the second phase and Rs 1,512 crore in the third phase,'' he added.

To implement the project, the company has requested land near Devanahalli. The company has also expressed its intention to build a 1.8-km-long runway, the Minister's office said in a release.

In response, the minister suggested that airports at Hassan, Vijayapura, and Shivamogga could also be considered if required, it added.

However, company representatives stated that the proposed facility should preferably be located close to their existing Devanahalli unit.

Subsequently, the minister directed officials to identify suitable land where runway construction would also be feasible, it added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)