Karnataka

In Davos, Karnataka succeeded in attracting ₹60,000 crore investment: Bommai

Chief Minister Basavaraj Bommai addressing a press conference at the Vidhana Soudha after returning from the World Economic Forum Meet held in Davos, in Bengaluru on Friday.

Chief Minister Basavaraj Bommai addressing a press conference at the Vidhana Soudha after returning from the World Economic Forum Meet held in Davos, in Bengaluru on Friday. | Photo Credit: K. Murali Kumar

Chief Minister Basavaraj Bommai, who returned to Bengaluru on Friday after attending the World Economic Forum Meet in Davos, said Karnataka had succeeded in drawing total investments of about ₹60,000 crore in various sectors by signing agreements with multinational companies during the summit held from May 23 to 26.

Ahead of Invest Karnataka

The government has decided to hold a three-day Invest Karnataka summit from November 2 and a technology summit from November 16 to 18 in Bengaluru and both the summits would attract more investments, he said.

“Investors are happy about Karnataka’s policies” and “the State has not lost and is not going to lose” drawing investment. More than 50,000 acres had been kept ready for allotment of land for investors to set up companies, Mr. Bommai said.

“Investors are showing interest largely due to the technology base of the State, availability of rich human resources, and ease of doing business policies of the government,” the Chief Minister said.

During the summit, Jubilant Group, Hitachi Energy, Siemens, Ab Inbev, Dassault Systems, Nestle, ArcelorMittal, and Bharti Enterprises were among the prominent companies that have assured investments in the State in the coming days, the Chief Minister said.

Under the Beyond Bengaluru programme, the government discussed investment opportunities in Tumakuru, Hubballi-Dharwad, and Mysuru.

Companies and proposals

Jubilant Food Works has proposed to set up its new centralised kitchen and Jubilant Bioys has agreed to set up its R&D centre in Devanahalli on a 10-acre plot. Both the firms which are part of the Jubilant Group would invest ₹700 crore.

Ab InBev intends to set up a non-alcoholic beverages unit in the State with an investment of ₹50 crore while Nestle is set to expand and modernise its existing instant coffee unit in Nanjangud with an investment of ₹700 crore.

Dassault Systems has evinced interest to invest in electric vehicles, modern production systems in association with CMTI, industrial training for students in digital 4.0 technology and Smart City projects with investments of ₹300 crore.

Schneider Electric plans to consolidate its facilities in Attibele to a single unit in Jigani with additional capacity for manufacturing new models of data centre UPS and energy-efficient devices with an investment of ₹300 crore. ArcelorMittal has planned to set up a solar-wind hybrid project with an investment of ₹6,000 crore, the Chief Minister said.

Bharti Enterprises has mooted a plan to set up a mega data centre in the State in addition to its existing data centres. “Apart from these, Adani Group, Dalmia Cement, Johnson Controls, Honeywell, IBM, Ikea Stores, PayPal, and Axis Bank have shown interest to invest in various sectors of the State,” the Chief Minister said.

Renewable energy

ReNew Power Pvt. Ltd. has signed an MoU for an investment of ₹50,000 crore spread over the next seven years for setting up renewable energy, battery storage, and green hydrogen units with employment opportunities for about 30,000 people.

Lulu Group International has inked an MoU for investing ₹2,000 crore. While Hitachi Energy showed interest in setting up EV charging infrastructure, renewable energy, and digitalisation projects, Siemens Healthineers would be undertaking R&D in healthcare projects with an investment of ₹1,300 crore, the Chief Minister said.


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Printable version | Jun 24, 2022 11:13:46 pm | https://www.thehindu.com/news/national/karnataka/in-davos-karnataka-succeeded-in-attracting-60000-crore-investment-bommai/article65466431.ece