Mahindra Group Chairman Anand Mahindra addresses a gathering during the Global Investors' Meet, in Bengaluru, Tuesday, Feb. 11, 2025.
PTI
Bengaluru: Day one of Karnataka’s Global Investors Meet (GIM) on Tuesday saw more than Rs 5 lakh crore announced in investments, along with several Memorandums of Understanding (MoUs) with domestic and foreign countries from across the world.
Chairman and Managing Director of JSW Group Director Sajjan Jindal announced an investment of over Rs 1 lakh crore with plans to expand the conglomerate’s operations in the state.
Of this, Rs 43,000 crore investment will be to expand Vijayanagar into “the world’s largest and most advanced steel plant,” he said. Rs 56,000 crore by JSW Neo Energy Ltd will go into solar projects, wind projects, battery energy storage, blade manufacturing, and setting up a wind turbine generator plant. Renewable energy (RE) investments was a clear focus area for investments.
Tata Power Renewable Energy Ltd pledged Rs 50,000 crore for RE projects and rooftop solutions across Karnataka. ReNew Power also committed Rs 50,000 crore for setting up 4GW of RE projects. Serentica Renewables India Pvt Ltd announced an additional Rs 43,975 crore in the sector.
The core manufacturing industry, not to be outdone, received several investments as well. One was from Baldota Steel and Power Limited, amounting Rs 54,000 crore for an integrated steel plant.
Industrialists also expressed their commitment for future investments.
For example, the Mahindra group is planning almost Rs 40,000 crore of investment into Karnataka in next few years, said chairman Anand Mahindra, speaking at the event.
The company’s renewable energy portfolio, Mahindra Susten, will invest Rs 35,000 crore to develop over 5GW of solar and hybrid projects over the next five years, generating 6,000-8,000 new jobs.
Mahindra Lifespaces is developing over Rs 5,000 crore worth of projects in Bengaluru and plans to develop another Rs 6,000 crore of projects in the near future. Beyond this, he said that several hundred crore rupees are planned by Mahindra Aerospace.
Tourism was also a big area, with industry players expressing particular interest in Hampi. Mahindra Holidays is evaluating further expansion into areas like Gokarna and Hampi, for which they will invest Rs 1,000 crore, provided there is government support for land aggregation. Jindal also spoke about working to develop Hampi as a global tourism hub.
Given that Bengaluru is the epicenter of India’s defence manufacturing and research ecosystem, Tata Advanced Systems Limited said it will be establishing a maintenance, repair, and overhaul (MRO) facility to support the Indian Air Force’s Lockheed Martin’s C-130J fleet.