Karnataka gets investment commitments for over Rs 13,000 cr at Davos: Minister M B Patil

Bengaluru: The WEF meet held in Davos has became a "major springboard" for Karnataka to achieve significant gains in investments, expansion and partnerships across sectors, with investment commitments amounting to Rs 13,070 crore, the state's Industries Minister M B Patil said on Saturday.

The sectors that attracted investment commitments include aerospace, food processing, data centres, digital infrastructure, clean energy and advanced manufacturing, he said.

More than 45 meetings and consultations held over five consecutive days have successfully drawn global attention to Karnataka as one of the country's leading destinations in artificial intelligence, Global Capability Centres (GCCs), research and sustainable urban development, the minister said, sharing details after returning from the World Economic Forum (WEF) meet held in Davos.

The consultations with industry leaders have laid a strong foundation for fresh investment inflows into the state and have also significantly accelerated projects already under implementation. They will help Karnataka strengthen its competitive position in the next phase of global trade and industrial transformation, he was quoted as saying in a release.

"Global business leaders have praised the state's industry-friendly environment and the availability of skilled human resources, reflecting the foresighted, industry-oriented initiatives being implemented by the state government," he added.

Patil said he had clearly conveyed how Karnataka is emerging as a preferred global destination for investments, industrial establishment and expansion, while explaining the State's industry-friendly policies and appealing to companies to invest in Karnataka.

"The RP--Sanjiv Goenka Group (RPSG) will invest Rs 10,500 crore over the next three years in Vijayapura and Ballari districts, significantly boosting the renewable energy sector and development in north Karnataka.

Global brewing major Carlsberg Group has reiterated its commitment to set up a Rs 350 crore bottling plant at Nanjangudu. Schneider Electric has come forward to invest Rs 1,520 crore, including in IT operations," he said.

INOX GFL, which has already invested Rs 10,000 crore in the state and commenced turbine blade manufacturing for wind power at Kushtagi, is investing an additional Rs 400 crore in manufacturing wind power towers and solar panels, he said, adding that Belrise Industries is investing Rs 300 crore to expand its Mysuru unit, which supplies components to TVS.

Further noting that discussions were held with the Singapore Economic Development Board on establishing a 'Singapore Park' to attract Singapore-based companies, the minister said, "Efforts were also made to attract a substantial share of Coca-Cola's proposed Rs 25,760 crore investment in India to Karnataka." Global majors such as Nokia, US-based Vast Space, UAE-based Crescent Enterprises and Voyager Technologies have shown interest in investing in the State, he said.

Bharti Enterprises, which has already invested around Rs 13,000 crore in Karnataka, has expressed interest in setting up a new data centre, further strengthening digital infrastructure. Bharat Forge Limited has obtained information on investment opportunities in the State, Patil listed out.

France-based Mistral AI has expressed interest in establishing a phased research and development centre in Bengaluru. US-based Philip Morris has indicated its intent to manufacture smoke-free products in Karnataka, he added.

Nokia Corporation has expressed its keenness to establish a Global Capability Centre (GCC) and research centres in the State, the Minister noted and said, "In line with the State Government's priority of developing cities beyond Bengaluru as self-sustaining urban centres, Tech Mahindra has shown interest in expanding operations into Tier-2 cities." Bharti Enterprises is keen on setting up a data centre, while Sify Technologies has stated that it will launch one soon in the State, he said.

Highlighting that Imperial College, one of London's most prestigious universities, has shared plans to set up a research and development centre in 'KWIN City' (Knowledge, Wellbeing, and Innovation), coming up between Dabaspet and Doddaballapur near Bengaluru, Patil said, Global cybersecurity major Cloudflare is also considering becoming part of the 'KWIN City' project.

US-based Voyager Technologies and space technology company Vast Space have expressed interest in entering into partnership agreements with the state government, he said. "UAE-based Crescent Enterprises has come forward to invest in enterprises and companies across the State," he added.

According to the Minister, an MoU has been signed to facilitate Swiss companies in leveraging Karnataka's industry-friendly and innovation-driven ecosystem. Natural Fibre Welding (NFW Earth) has said it would share a detailed expansion proposal with the state government.

With the objective of strengthening bilateral trade ties, the minister participated in productive discussions with corporate leaders, investors, reputed educational institutions, heads of governments and senior officials at the WEF, the release said.