Karnataka attracts Rs 23,000 crore investment proposals at Davos summit
Jan 24, 2024
Bengaluru (Karnataka) [India], January 24 : The annual World Economic Forum that was held in Davos last week proved to be a significant milestone for Karnataka, as the state attracted investment proposals worth over Rs 23,000 crore.
MB Patil, Minister of Large and Medium Industries and Infrastructure Development, Karnataka, shared the outcomes of the Summit during a press conference here on Wednesday.
The Karnataka minister said the success of the state delegation, engaging in more than 50 strategic meetings with global industry leaders such as Nestle, HP, HCL, Volvo Group, IKEA, Sony, Microsoft, Hitachi, and others.
Among the noteworthy commitments, Web Werks, he said, pledged Rs 20,000 crores to set up a massive 100 MW data centre in Bengaluru, promising employment opportunities for 1,000 individuals.
He said Microsoft also committed to contributing to digital skills development, while Hitachi signed an MoU focused on promoting economic growth in rural areas.
Emphasising a commitment to regional development beyond Bangalore, Patil revealed that several companies expressed interest in initiating operations in North Karnataka.
As part of this commitment to regional development, Lulu Group and BL Agro are set to expand their presence in Vijayapur, the minister informed, adding that the Lulu Group plans to establish a new Rs 300 crore food processing unit in Vijayapur and invest further in expanding its existing unit in Kalaburagi.
BL Agro, on the other hand, is gearing up to establish a fully equipped food processing plant in Vijayapur. This facility will play a pivotal role in procuring, grading, sorting, and packaging local food products for both domestic and international markets.
The overall investment landscape also includes Rs 3,000 crores from various companies directed towards smart city infrastructure, renewable energy solutions, data centres, and related sectors. Notably, AB InBev India has expressed its intent to invest Rs 400 crores to enhance the manufacturing capacity of its liquor units in Karnataka, the minister added.
