Karnataka signs Rs 200 cr MoU with Steer World to drive sustainable manufacturing

Bengaluru: The Karnataka government on Wednesday signed a Memorandum of Understanding (MoU) with Bengaluru-based Steer World, a global leader in advanced materials and sustainable manufacturing solutions, to catalyse innovation, foster industrial growth, and promote sustainable practices within India’s manufacturing sector.

According to the MoU, Steer World will be allocating Rs 200 crore over the next five years.

Babu Padmanabhan, Founder, Managing Director, and Chief Knowledge Officer of Steer World told PTI that the initiative will target several strategic domains, including the development of sustainable materials, advancements in automation technologies, and fostering industrial innovation that embraces cutting-edge practices.

“The project is expected to generate over 300 high-skilled jobs, significantly contributing to local employment and enhancing the workforce's capabilities in advanced manufacturing techniques,” added Padmanabhan.

He also said Steer World aims to foster partnerships with leading research institutions, and industry stakeholders to pave the way for the development of next-generation technologies and solutions.

“Karnataka's dynamic ecosystem, characterised by its innovative spirit and supportive infrastructure, makes it the ideal location for our expansion,” he added.

The MoU was formalised in the presence of S Selvakumar, Principal Secretary of the Commerce and Industries Department, Government of Karnataka.