Karnataka secured Rs 60-65K cr investment at Davos: CM

Karnataka had attracted investment to the tune of Rs 60,000 - 65,000 crore at the World Economic Forum summit in Davos, Chief Minister Basavaraj Bommai said Friday.

More than 20 companies will invest in sectors such as green energy technologies, hardware manufacturing, healthcare and others, Bommai told a news conference after returning from his four-day Davos trip.

Speaking at a news conference, Bommai listed out the investments attracted by the state, noting that there is a lot of confidence among investors about the technology base and skilled manpower in Karnataka. “Entrepreneurs feel that investments on new technologies can only be done in Karnataka,” the CM said.

Apart from those who signed Memorandum of Understandings (MoU) for investment in Karnataka, many other companies have shown interest and assured investment in Karnataka, he said.

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Among the prominent companies that have agreed to invest in Karnataka are ReNew Power Ltd, which has signed an MoU for investment of Rs 50,000 crore spread over seven years, Rs 6,000 cr by ArcelorMittal for a wind-solar hybrid power project in Vijayapura, Rs 2,000 crore by Lulu group, Rs 1,600 cr by Siemens Healthcare - which will provide jobs to 2,500 engineers, Rs 700 crore by Nestle to expand its operations in the state, Rs 300 crore each by Dassault systems and Schneider Electric and others.

Adani Group is also expected to invest in Karnataka on hybrid renewables and a mega data center. Details of the project are not yet clear, the CM said.

Due to the popularity of IKEA store, the government also urged the Swedish firm to open another store in the state to cater to the demand. Axis Bank was requested to take the anchor bank status to finance women’s self-help groups. “The bank has also promised to invest its corporate social responsibility funds for higher education in the state,” he said.

Apart from the Global Investors Meet on November 2-4, Karnataka will also host the 25th Bengaluru Tech Summit from November 16 to 18, which will be organised in a grand manner. Technology innovators, research and development experts in the sector and others will participate, Bommai said.

To a question on Andhra Pradesh bagging new investments to the tune of Rs 1.25 lakh cr, he said that Karnataka too has attracted same amount of investments but agreements were yet to be made for a few of them. Adani will invest Rs 50,000 cr in the state, but MoU is yet to be made, he said. On Laxmi Mittal’s interaction with the CM regarding political stability in the state, the CM said that he had discussed that with all states. “It was a very casual talk,” he said.