MoUs worth Rs 820 crore signed on Day 2 of Global Investors Meet

Bengaluru: Eight Memoranda of Understanding (MoU) worth Rs 820 crore were signed between the Government of Karnataka (GoK) and various stakeholders on Thursday, the second day of the three-day Global Investors Meet.

An Mou for Rs 250 crore was signed by BBM Sports Fields & Halls Contracting LLC for the development of sports infrastructure. Another MoU was signed for Rs 250 crore by Steel Force Building Materials LLC for manufacturing steel and related products.

Other MoUs signed included a Rs 150-crore pact by Morex Group for Convention Centre, Rs 120 crore by Delwan Group for hotel and resort and Rs 25 crore by Seritech Farm LLP for Manufacturing of exporting yarn & fabric silk products.

'Beyond Bengaluru', a game changer

Meanwhile, Prashobh Chandralayam, IBM executive director and partner, said on Thursday that the transformation of Global Capability Centres (GCCs) in India is unprecedented in the history of the "free world." He was speaking during a panel discussion on 'Global Capability Centres: Growth Engine Driving the Next Wave of Economic Growth and Innovation' at the summit.

Chandralayam said the cost, talent and business impact were the three factors driving this change, adding that they were leading to rapid transformation and disruption. “The Karnataka government's 'Beyond Bengaluru' initiative is game-changing, pushing us towards tier 2 and tier 3 cities,” he said.

He was referring to the provision in the Industrial Policy 2025-30, where the Karnataka government is providing additional incentives of 5% and 3% to industrialists investing in ‘most backward’ and ‘more backward’ taluks, respectively, as identified by the D M Nanjundappa Committee report.

The Nanjundappa Committee, which studied regional imbalances in the state and submitted its report in 2002, had categorised 114 taluks in the state as backward (39 most backward, 40 more backward and 35 backward).

He highlighted that students from premier institutions were assets to IBM, adding that they are well-trained and create magic for the company.