 "Karnataka signs investment deals worth Rs 22,000 cr at Davos summit")
Karnataka has signed memoranda of understanding (MOUs) worth Rs 22,000 crore with global industry leaders Microsoft, Web Werks, Hitachi, and four other companies on Day 2 of the World Economic Forum 2024. The partnerships are expected to propel the state into a new era of technological advancement, infrastructure development, and economic growth, said a statement.
M B Patil, minister for large and medium industries and infrastructure development, held discussions with Sony, HP, Nestle, Honeywell, Lulu Group, Inox Group, Takeda Pharma, Coinbase, Tillman Global, BL Agro, and many others. The primary objective is to establish cutting-edge infrastructure, capitalising on the robust existing ecosystem and the highly attractive market dynamics in the region.
A MoU between the Karnataka government and Microsoft outlines a digital skilling initiative aimed at enhancing livelihood opportunities for under-served youth in India, job seekers, individuals with disabilities, small entrepreneurs, and those in regions with low workforce participation and remote areas. Digital skilling program, named Microsoft RISE, will provide 70 hours of virtual instructor-led training through its non-profit partner AISECT.
Data centre solutions provider Web Werks signed an MoU for setting up a 100-megawatt data centre park worth Rs 20,000 crore in Bengaluru. Additionally, the company expressed its ambition to establish a connectivity hub with state-of-the-art data centres in Bengaluru.
Real estate developer Lulu Group plans to invest Rs 300 crore in a food processing plant for exports. The group operates in the retail and food processing sectors, specialising in fruits and vegetables. Looking ahead, the Lulu Group plans to enhance its export capacity by focusing on Northern Karnataka.
Takeda Pharma plans to establish a Global Innovation Centre in Bengaluru and is scouting for campus locations. The company aims to create 1000 high-profile digital roles in its first centre.
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B L Agro, a food manufacturing company based in Uttar Pradesh, emphasised its strategy to expand its footprint in Karnataka. The company is keen on establishing a primary food processing unit. It aims to install sorting, grading, and processing plants in Northern Karnataka, with Vijayapura identified as a strategic location.
Inox Air Products is considering expansion into Karnataka, a strategic move aligning with the company's growth objectives. Inox has already applied to set up an Industrial Gas manufacturing facility worth Rs 150 crore to supply Electronics Manufacturers in North Bengaluru.
Honeywell is keen to collaborate with Karnataka, utilising a variety of sensors and an IoT stack for diverse applications. These applications extend to citizen services such as traffic management, and monitoring government operational services like waste management, among others.
Hitachi signed an MoU with Karnataka Government on economic development through work in the rural sector, healthcare, education, and Panchayat E-Governance to create opportunities for the people of Karnataka. Hitachi plans to start with M-Star Telemedicine Deployment through Hitachi MGRM Net.
Volvo is committed to exploring all future technologies, including LNG, battery electric, and hydrogen fuel cells for commercial vehicles. Additionally, Volvo is keen on applying green hydrogen not only to traditional sources but also to automotive applications.
Nestle plans to expand production to 22,000 tonnes, collaborating with 5000 farmers and operating a demo farm for coffee plantation training. Anticipating the operationalization of a biomass plant in the first half of 2025, Nestle aims to make Karnataka a hub for sourcing clean energy with the government's backing.
Telco major Tillman Global expressed interest to invest in Karnataka, with a focus on building telecommunications infrastructure. It plans to invest 25-30 billion dollars over the next decade.