Karnataka state attracts Rs 23,000 crore worth investment at Davos WEF Summit: M B Patil

From Our Special Correspondent

Daijiworld Media Network

Bengaluru, Jan 24: Karnataka state has managed to secure firm investment commitments of over Rs 23,000 crore at the World Economic Forum Summit at Davos in Switzerland, Industries Minister M B Patil said here on Wednesday.

Addressing media persons after leading a delegation to Davos, the minister said the State delegation was engaged in more than 50 strategic meetings with global industry leaders such as Nestlé, HP, HCL, Volvo Group, IKEA, Sony, Microsoft and Hitachi among others.

Among the noteworthy commitments, Web Werks has pledged Rs 20,000 crore to establish a massive 100 MW data center in Bengaluru, promising employment opportunities for over 1,000 people, he said.

Microsoft has also committed to contribute to digital skills development, while Hitachi has signed a MoU focused on promoting economic growth in the rural areas.

Emphasising the commitment to regional development beyond Bengaluru, Patil revealed that several companies had expressed interest in initiating operations in the North Karnataka region.

Initiatives are underway to foster equal industrial development in places like Vijayapura, Hubballi-Dharwad, Belagavi and other regions, he said.

As part of this commitment to regional development, Lulu Group and BL Agro are set to expand their presence in Vijayapura. Lulu Group plans to establish a new Rs 300 crore food processing unit in Vijayapura and invest further in expanding its existing unit in Kalaburagi.

BL Agro, on the other hand, is also gearing up to establish a fully equipped food processing plant in Vijayapura. This facility will play a pivotal role in procuring, grading, sorting, and packaging local food products for both domestic and international markets, he said.

The overall investment landscape also includes Rs 3,000 crore from various companies directed towards smart city infrastructure, renewable energy solutions, data centers, and related sectors.

Notably, AB InBev India has expressed its intent to invest Rs 400 crore to enhance the manufacturing capacity of its liquor units in Karnataka, minister Patil said.

Dr S Selvakumar, principal secretary of the department of commerce and industry, secretary of IT&BT Ekroop Kaur, commissioner of the department of commerce and industry Gunjan Krishna, and CEO of Karnataka Industrial Area Development Board (KIADB) Dr Mahesh, along with other top officials, were present.




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