Karnataka Inks MoUs Worth ₹23,000 Crore at World Economic Forum

In a major development, the Karnataka government, led by Large and Medium Industries Minister M B Patil, sealed multiple Memoranda of Understanding (MoUs) valued at ₹23,000 crore with global companies during the World Economic Forum meeting in Davos, Switzerland. The state delegation actively engaged in over 50 strategic meetings with industry leaders like Nestlé, HP, HCL, Volvo Group, IKEA, Sony, Microsoft, Hitachi, and others. Minister Patil shared the outcomes during a press conference at Vidhana Soudha in Bengaluru.

Highlights of the agreements include a ₹20,000 crore commitment from Web Werks to establish a 100 MW data center in Bengaluru, generating employment for 1000 individuals. Microsoft pledged contributions to digital skills development, and Hitachi signed an MoU focused on promoting economic growth in rural areas.

Underlining the commitment to regional development beyond Bengaluru, Patil revealed several companies expressing interest in launching operations in North Karnataka, promoting industrial growth in places like Vijayapur, Hubli-Dharwad, Belgaum, and other regions.

As part of this commitment, Lulu Group and BL Agro are set to expand their presence in Vijayapur. Lulu Group plans to establish a new ₹300 crore food processing unit, while BL Agro will set up a fully equipped food processing plant in Vijayapur, playing a key role in procuring, grading, sorting, and packaging local food products for domestic and international markets.

The overall investment landscape includes ₹3,000 crore from various companies directed towards smart city infrastructure, renewable energy solutions, data centers, and related sectors. AB InBev India has expressed its intent to invest ₹400 crores to enhance the manufacturing capacity of its liquor units in Karnataka.

The press conference saw the presence of key officials including S Selvakumar, Principal Secretary of the Department of Commerce and Industry; Secretary of ITBT Ekroop Kaur; Commissioner of the Department of Commerce and Industry Gunjan Krishna; and CEO of Karnataka Industrial Area Development Board (KIADB) Mahesh.

HBL