Karnataka clinches Rs 13,070 crore investment deals at World Economic Forum

Karnataka’s push to attract global capital received a major boost at the World Economic Forum (WEF) in Davos, where a delegation led by Minister MB Patil clinched a series of investment agreements with international firms. The deals, running into thousands of crores, are expected to strengthen the state’s position in digital infrastructure and clean energy.

The WEF summit has acted as a springboard for Karnataka to make major strides in investment, expansion, and partnerships across sectors such as aerospace, food processing, data centres, digital infrastructure, clean energy, advanced manufacturing, and more.

WEF meetings yielding results

Several companies have formally committed investments worth ₹13,070 crore, Patil said. Speaking to the media in Bengaluru on Saturday (January 24), he said over 45 meetings and consultations held over five days have begun yielding results, helping attract global attention to Karnataka as a prime destination for artificial intelligence, global capability centres (GCCs), research, and sustainable urban development.

“Discussions with industry leaders have laid a strong foundation for fresh capital inflows into the state and have also contributed significantly to accelerating projects already underway. They will help Karnataka strengthen its competitive position in the next phase of global trade and industrial transformation. Global entrepreneurs have openly praised the state’s industry-friendly environment and the availability of skilled human resources, which reflects the visionary, pro-industry initiatives being implemented by the state government,” he said.

Big-ticket projects in Vijayapura, Ballari

“I have highlighted how Karnataka is gaining global recognition as an attractive destination for investment, industrial development, and expansion. I explained the state’s industry-friendly policies and invited companies to invest here. The RP-Sanjiv Goenka Group will invest ₹10,500 crore over the next three years in Vijayapura and Ballari districts in the renewable energy sector. This is expected to spur significant progress in renewable energy, particularly in north Karnataka,” he said.

₹350 crore investment in Nanjangud

Global brewer Carlsberg Group will set up a ₹350 crore bottling plant in Nanjangud. Schneider Electric has come forward to invest ₹1,520 crore, including in IT operations. Inox GFL, which has already started manufacturing turbine blades for the wind energy sector in Kustagi, is investing ₹400 crore to produce massive wind towers and solar panels. The company has already invested ₹10,000 crore in Karnataka. Belrise Industries is investing ₹300 crore to expand its Mysuru unit that supplies components to TVS, he said.

Singapore Park proposal

To attract Singapore-based companies, discussions have been held with the Singapore Economic Development Board to establish a “Singapore Park” in Karnataka. Efforts are being made to attract a significant share of Coca-Cola’s proposed ₹25,760 crore investment in India’s food processing sector to the state. Global giants Nokia, US-based Vast Space, UAE’s Crescent Enterprises, and Voyager Technologies have hinted at plans for investing in Karnataka, he added.

Focus on digital infrastructure

Bharti Enterprises, which has already invested around ₹13,000 crore in the state, has shown interest in setting up a new data centre, giving a further boost to digital infrastructure. Bharat Forge Ltd, a forging and precision engineering company, has sought information about investment opportunities in the state. France-based Mistral AI has shown interest in setting up a phased research and development centre in Bengaluru. US-based Philip Morris, known for tobacco and nicotine products, has proposed manufacturing smoke-free products in Karnataka.

Push for Tier-2 cities

“Nokia Corporation, one of the global giants in the telecom technology sector, is keen on setting up a Global Capability Centre (GCC) and research centres in the state. In line with the state government’s priority of developing cities beyond Bengaluru into self-sustaining urban hubs, Tech Mahindra has shown interest in expanding into Tier-2 cities, while Bharti Enterprises and Sify Technologies are keen to set up data centres,” he said.

Cybersecurity centre in ‘Quinn City’

“Imperial College London, one of the UK’s prestigious universities, has shared information about plans to start a research and development centre in ‘Quinn City’, coming up between Dabaspet and Doddaballapur. Global cybersecurity firm Cloudflare is also considering becoming part of the Quinn City project.”

“US aerospace company Voyager Technologies and space firm Vast Space have evinced interest in entering into partnership agreements with the state government. UAE-based multinational group Crescent Enterprises has come forward to invest in startups and companies in Karnataka. A memorandum of understanding (MoU) has been signed to enable Swiss companies to tap into the state’s industry-friendly and innovation ecosystem. Natural Fiber Welding has said it will share a detailed project proposal with the state government regarding business expansion,” he said.

(This article was originally published in The Federal Karnataka)