On Day 2 at the World Economic Forum Davos 2024, Karnataka signed a Memorandum of Understanding (MOUs) worth ₹22,000 crore with global industry leaders Microsoft, Web Werks, Hitachi and four other companies. These partnerships are poised to propel the State into a new era of technological advancement, infrastructure development, and economic growth. 

MB Patil, Minister for Large and Medium Industries and Infrastructure Development, engaged in discussions with Sony, HP, Nestle, Honeywell, Lulu group, Inox Group, Takeda Pharma, Coinbase, Tillman Global, BL Agro, and many others. 

Highlights of Day 2 at WEF 2024

Volvo’s growth plans in the state encompass the establishment of a truck plant in Hoskote, a bus plant, and expansion in construction equipment, all aligned with the broader economic development. Karnataka is at the forefront of Clean Mobility initiatives, seeking to encourage Volvo’s participation in cars, buses, and trucks. Volvo is actively engaged in hydrogen research, particularly focusing on fuel cells onboard vehicles, with ongoing tests to convert vehicles from internal combustion engines in India.

Future endeavors involve the introduction of LNG with a dual-source system for buses, providing a range of 500 km to 700 km. The Karnataka government is committed to facilitating policy support for widespread LNG vehicle adoption. Volvo is committed to exploring all future technologies, including LNG, battery electric, and hydrogen fuel cells for commercial vehicles. 


The Memorandum of Understanding (MOU) between the Government of Karnataka (GoK) and Microsoft details a digital skilling initiative targeting under-served youth in India. Emphasising young girls/women, job seekers, individuals with disabilities and those in regions with low workforce participation, aspirational districts, remote, and tribal areas. Microsoft’s digital skilling program, Microsoft RISE, plans to deliver 70 hours of virtual instructor-led training on digital productivity, employability, entrepreneurship, and communication skills in collaboration with its nonprofit partner AISECT. 


Inox Air Products is actively considering expansion into Karnataka, a strategic move aligning with the company’s growth objectives. The potential venture in Karnataka, with its vibrant cinematic landscape, offers Inox Air Products an opportunity to contribute to and thrive in a market that embraces and celebrates cultural multiplicity. 

Inox has already filed an application for setting up an Industrial Gas manufacturing facility worth ₹150 Cr to supply Electronics Manufacturers in the region of North Bengaluru. 

Lulu Group

The Lulu Group is expanding into food processing in Vijayapura district, investing ₹300 crore in a dedicated plant for export. With over 250 malls, they currently source substantial quantities, including eggplant, okra, guava (white and pink varieties), chickoo, capsicum, and chilies, exceeding 200 tons monthly from Karnataka. The Lulu Group plans to boost export capacity by focusing on the northern Karnataka region.