From Our Special Correspondent
Daijiworld Media Network

Bengaluru, Dec 8: The Reitzel Group of France signed an Express of Interest (EoI) agreement for expansion of its existing Gherkin production plant at Kunigal in Tumakuru district during Karnataka’s Large and Medium Industries Minister R V Deshpande’s Invest Karnataka 2016 roadshow in Paris.

The minister is accompanied by a high-level official delegation on a 2-day visit to France to meet industrialists and entrepreneurs.

Deshpande is scheduled to interact with existing and potential investors, organized by MEDEF International and GIFAS with a special focus on manufacturing and aerospace sectors. 

The Commissioner for Industrial Development and Director, Department of Industries and Commerce Gaurav Gupta signed the agreement on behalf of the State Government while Pierre B Darmon, Deputy CEO, Reitzel signed the same on behalf of Reitzel. 

As per the EoI, the company will invest about 3 million Euros (about INR 20 Crores) and create about 50 new jobs to the already 200 existing jobs.

Reitzel is a Paris-based family owned company in the agri and food processing industry.

Addressing member companies of MEDEF and GIFAS at two separate events in Paris, Deshpande, who is also in charge of Tourism, highlighted the several steps initiated by Government of Karnataka to decongest Bengaluru and disperse industry to tier 2 and tier 3 cities.

French companies have invested about US$ 4.5 Billion in FDI in India since the year 2000 which makes it the 9th largest FDI contributor to India.

Karnataka is an important state for French companies as there are about 170 companies headquartered in the state.

Deshpande is leading a high level delegation to USA and France as a precursor to Invest Karnataka 2016 Global Investors Meet scheduled at Bengaluru in February next year.