Karnataka government at the World Economic Forum meet at Davos, Switzerland, signed multiple Memorandum of Understanding(MoU) worth ₹23,000 crore with global companies, said Large and Medium Industries Minister M B Patil.

The state delegation engaged in more than 50 strategic meetings with global industry leaders such as Nestlé, HP, HCL, Volvo Group, IKEA, Sony, Microsoft, Hitachi and others. Patil shared the outcomes of the summit during a press conference held at the Vidhana Soudha in Bengaluru.

Among the noteworthy commitments, Web Werks has pledged ₹20,000 crores to establish a 100 MW data centre in Bengaluru , promising employment opportunities for 1000 people. Microsoft has also committed to contributing to digital skills development, while Hitachi has signed an MoU focused on promoting economic growth in rural areas.

Emphasising commitment to regional development beyond Bengaluru , Patil revealed that several companies expressed interest in initiating operations in North Karnataka. Initiatives are underway to foster equal industrial development in places like Vijayapur, Hubli-Dharwad, Belgaum, and other regions.

Pivotal role

As part of this commitment to regional development, Lulu Group and BL Agro are set to expand their presence in Vijayapur. Lulu Group plans to establish a new ₹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 ₹3,000 crores from various companies directed towards smart city infrastructure, renewable energy solutions, data centers and related sectors. Notably, AB InBev India has expressed its intent to invest ₹400 crores to enhance the manufacturing capacity of its liquor units in Karnataka.

S Selvakumar, Principal Secretary of the Department of Commerce and Industry, Secretary of ITBT Ekroop Kaur, Commissioner of the Department of Commerce and Industry Gunjan Krishna and CEO of Karnataka Industrial Area Development Board (KIADB) Mahesh, along with other top officials, were present at the press conference.