K’taka secures Rs 13,070 crore investment commitments at Davos: Govt
Bengaluru: The World Economic Forum (WEF) summit held in Davos, Switzerland, has emerged as a major catalyst for Karnataka’s economic progress, providing an official seal to investment commitments worth Rs 13,070 crore, stated Large and Medium Industries Minister M.B. Patil.
He further stated that the summit is expected to help the state make significant strides in the coming days across sectors such as aerospace, food processing, data centres, digital infrastructure, clean energy, advanced manufacturing, and allied areas through investments, expansion, and partnerships.
Minister Patil said that more than 45 meetings and consultations held continuously over five days have yielded results in positioning Karnataka as a leading national hub for artificial intelligence, Global Capability Centres (GCCs), research, and sustainable urban development, drawing global attention to the state.
In a statement issued after returning from Davos, the minister shared details of the visit’s success. “The consultations held with industry leaders have laid a strong foundation for the inflow of fresh investments into the state and have also made a significant contribution to accelerating projects that are already under implementation.
“They have helped Karnataka strengthen its competitive position in the next phase of global trade and industrial transformation. Global industrialists have openly praised the state’s industry-friendly ecosystem and the availability of skilled human resources, which stands as testimony to the far-sighted, industry-friendly initiatives being implemented by the state government,” he said.
“I have effectively conveyed how Karnataka is emerging as a globally preferred destination for investments, industrial establishments, and expansion activities. I explained the state government’s industry-friendly policies and invited companies to invest in Karnataka.
“The RP–Sanjiv Goenka Group will invest Rs 10,500 crore over the next three years in Vijayapura and Ballari districts in the renewable energy sector. This will lead to significant growth in Karnataka’s renewable energy sector, particularly in North Karnataka. Global brewing major Carlsberg Group has reiterated its commitment to establish a Rs 350 crore bottling unit in Nanjangud. Schneider Electric has come forward to invest Rs 1,520 crore, including in IT operations.
“Inox GFL, which has already begun manufacturing wind turbine blades in Kushtagi, is investing Rs 400 crore to produce large wind towers and solar panels. The company has already invested Rs 10,000 crore in the state. Bellrise Industries is investing Rs 300 crore to expand its Mysuru unit supplying components to TVS,” he said.
He further stated that discussions were held with the Singapore Economic Development Board regarding the establishment of a ‘Singapore Park’ to attract Singapore-based companies to the state. “I have made maximum efforts to attract a significant portion of Coca-Cola’s proposed Rs 25,760 crore investment in the food processing sector to Karnataka. Global giants such as Nokia, US-based Vast Space, UAE-based Crescent Enterprises, and Voyager Technologies have shown interest in investing in the state.
“The minister said Nokia Corporation, one of the global giants in telecommunications technology, has expressed willingness to establish a Global Capability Centre and research centres in Karnataka.
“In line with the state government’s priority of developing cities beyond Bengaluru as self-sustaining urban centres, Tech Mahindra, Bharti Enterprises, and Sify Technologies have shown interest in expanding operations and setting up data centres in Tier-2 cities across the state,” he added.
Patil said Imperial College London, one of the UK’s prestigious universities, has shared information about its interest in establishing a research and development centre at ‘Quinn City’, coming up between Dabaspet and Doddaballapur. Global cybersecurity company Cloudflare is also considering becoming part of the Quinn City project.
“US-based aerospace company Voyager Technologies and space technology company Vast Space have expressed interest in entering into partnership agreements with the state government. UAE-based multinational Crescent Enterprises has come forward to invest in state-based enterprises and companies. A memorandum of understanding has been signed to facilitate Swiss companies in leveraging Karnataka’s industry-friendly and innovation-driven ecosystem. Natural Fiber Welding (NFW Earth) has informed that it will share a detailed project proposal with the state government regarding expansion of its operations,” the minister said.