Karnataka delegation, which is touring France to promote ‘Invest Karnataka 2016’ (global investment meet), has signed an Expression of Interest (EoI) agreement with Reitzel Group.

As per the EoI, the company is expected to invest 3 million Euros (about Rs 20 crore) 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.

The agreement signed in the presence of R V Deshpande, Karnataka Minister for Large and Medium Industries and Tourism at Paris is for Reitzel’s expansion of its existing Gherkin production plant at Kunigal, Tumakuru district.

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

Delegation on arrival in France as part of road show to attract companies for the forthcoming ‘Invest Karnataka 2016’ event scheduled from February 3 to 5, 2016 in Bengaluru interacted with the existing and potential investors, organised by MEDEF International and GIFAS with a special focus on manufacturing and aerospace sectors.

Addressing member companies of MEDEF and GIFAS at two separate events in Paris, Deshpande, highlighted the several steps initiated by the state government to decongest Bengaluru and disperse industry to tier 2 and tier 3 cities.

French companies have invested about $4.5 billion in Foreign Direct Investment (FDI) in India since the year 2000 which makes it the ninth largest FDI contributor to India.

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

Last week, Deshpande led a high level delegation to the US.

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