The Karnataka government has announced that it has signed Memorandums of Understanding (MoUs) with seven companies for investment proposals worth Rs 22,000 crore at the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland. The MoUs were signed on Wednesday, January 17, 2024, by a delegation from the state led by Minister for Large and Medium Industries and Infrastructure Development M B Patil.
Web Werks to set up data centre park
The largest deal was with Web Werks, a leading data centre service provider, which proposes to set up a Rs 20,000 crore data centre park in the state. The park will have a capacity of 200 megawatts and will cater to the growing demand for data storage and cloud computing services in India and abroad. The project is expected to generate employment for about 10,000 people.
Lulu Group to venture into food processing
Another major investor is the Lulu Group International, a UAE-based conglomerate that operates retail, hospitality and real estate businesses. The group plans to invest Rs 300 crore in a food processing plant in Vijayapura district, dedicated to exports. The plant will produce fruits, vegetables, spices and other processed foods for the Middle East and other markets. The project will create jobs for about 2,000 people.
Takeda Pharmaceuticals to establish global innovation centre
Takeda Pharmaceuticals, a Japanese multinational pharmaceutical company, also signed an MoU with the Karnataka government to establish a global innovation centre in Bengaluru. The centre will focus on research and development in areas such as oncology, neuroscience, rare diseases and vaccines. The company is actively scouting for suitable campus locations in the city. The centre will employ about 1,000 scientists and researchers.
Other deals in various sectors
The other four companies that signed MoUs with the state government are:
- ABB India, a Swiss-Swedish engineering company, which plans to invest Rs 800 crore in a robotics manufacturing unit in Dharwad district.
- Adani Wilmar, an agribusiness joint venture between Adani Group and Wilmar International, which intends to invest Rs 500 crore in an edible oil refinery in Belagavi district.
- Shree Cement, an Indian cement manufacturer, which proposes to invest Rs 200 crore in a cement grinding unit in Chitradurga district.
- Kalyani Group, an Indian conglomerate with interests in engineering, steel and defence sectors, which aims to invest Rs 200 crore in an aerospace components manufacturing unit in Belagavi district.
These projects will collectively create employment opportunities for about 5,000 people.
Karnataka showcases its potential at WEF Meet
The Karnataka government has been actively participating in the WEF Meet 2024 to showcase the state’s potential as a preferred destination for investments. The delegation headed by Patil has engaged in a series of deliberations with industry leaders from across the world. Chief Minister Basavaraj Bommai joined the delegation on Thursday and held meetings with several global CEOs.
The state government has expressed confidence that the MoUs signed at the WEF Meet will boost the state’s economy and generate more jobs for its people. It has also said that it is expecting more investment proposals from other companies in the coming days.