New Delhi: The Karnataka government on Wednesday said the World Economic Forum meeting in Davos has proved “very fruitful” as a team led by Chief Minister Basavaraj Bommai signed MoUs with two major companies for a total investment inflow of Rs 52,000 crore. has signed. , The Chief Minister’s Office said in a statement that this is a testament to the strong trust and confidence of Karnataka’s leading companies and it is the biggest investment proposal filed by the state in recent times. The expected investment from these companies will generate employment opportunities for thousands of people.
With the able support of Industries Minister Murugesh Nirani and IT, BT Minister C Nashwath Narayan, the state government led by Bommai has been able to woo investors in a big way.
Today was Bommai’s third day at the WEF meeting, during which he interacted with several business leaders from across the world.
Renew Power, a leading name in the renewable energy sector, has signed a Memorandum of Understanding (MoU) with the state government for an investment of Rs 50,000 crore.
Noting that the company intends to set up production units in renewable energy, battery storage and green hydrogen in two phases over the next 7 years, the release said, the first phase will see an investment of Rs 11,900 crore on ongoing projects in the state. and they will become operational in the next 2 years.
In Phase II, the company plans to invest Rs 37,500 crore for setting up renewable energy and green hydrogen units over the next 5 years, adding that the projects spread over two phases will generate employment opportunities for around 30,000 people. .
The CM has described it as a milestone in the renewable energy sector of Karnataka.
Also, Lulu Group International has come forward to invest Rs 2,000 crore in Karnataka.
The company intends to open 4 shopping malls and hyper markets, and is also keen to set up export-oriented food processing units in the state. The projects are expected to generate employment opportunities for 10,000 people, the release said.
Highlighting two new policies of the state – New R&D Policy and New Employment Policy as part of its endeavor to make Karnataka the most attractive investment destination, Bommai invites corporate honchos to participate in the Global Investors Meet . Held in November in Bengaluru and at the Bengaluru Tech Summit.
Companies that have shown interest to invest in Karnataka include Siemens, which is taking up two projects in Bengaluru with a focus on magnetic imaging and diagnostics, and a healthcare R&D project.
The state government has assured special incentives to the company to set up its own production unit for modern medical devices. The ‘Beyond Bengaluru’ project to attract investments in the cities of Tumakuru, Hubballi-Dharwad and Mysuru was also discussed.
Dassault Systems is keen to invest in electric vehicles, modern production systems, industrial training for students in Digital 4.0 technology and smart city projects in Karnataka.
Nestle has shown interest in modernizing and expanding the Nestle Instant Coffee unit at Nanjangud.
Sunil Bharti Mittal, Chairman and CEO, Bharti Enterprises has expressed his desire to set up a mega data center in the state. The state government has assured all necessary cooperation to make this a reality.
Bommai, who met the head of Nokia, suggested that the state make good use of the opportunities in the state to manufacture telecom products.
Nokia has its largest research center in Bangalore, with over 7,000 technocrats engaged in research related to 5G, advanced 5G and 6G technologies.
EV Ramana Reddy, Additional Chief Secretary in Industries Department, N Manjunath Prasad, Principal Secretary to CM and Gunjan Krishna, Commissioner in Industries Department were part of the CM’s team.
This was Bommai’s first foreign visit as Chief Minister. Earlier there were speculations whether he would visit Davos or not.
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