CM Bommai’s successful endeavour in Davos to draw investments to Karnataka,Historic MoUs for Rs52,000 cr investments,Karnataka in the forefront in attracting investments

Dr B Thomas (Special correspondent)

The World Economic Forum Meet in Davos has proved very fruitful for Karnataka as the State has succeeded in drawing huge investments.

For the first time the team led by Chief Minister Basavaraj Bommai has inked MoUs with two major companies for a total investment flow of Rs.52,000 cr.

It is proof of strong faith and trust reposed by major companies in Karnataka.It is the biggest investment flow the state proposal the state recorded in the recent past.

Many more companies has expressed their keen desire to invest in the state.The expected investments from these companies would create employment opportunities for thousands of persons.

The State government has succeeded in wooing the investors in a big way under the leadership of Bommai with able cooperation from Industries minister Murugesh Nirani and IT, BT minister Ashwathnarayan.

Success at Davos

* ReNew Power, a leading name in the renewable energy sector signed a Memorandum of Understanding(MoU) with the State government to invest Rs.50,000 cr. The Chief Minister termed it as a milestone in the Renewable Energy sector of Karnataka.

* The Lulu Group International has come forward to invest Rs.2000 cr in Karnataka.

The Chief Minister highlighted the two new policies of the state–New R & D Policy and New Employment Policy–as part of its endeavour to make Karnataka the most attractive investment destination.

He invited the corporate honchos to participate in the Global Investors’ Meet to be held in Bengaluru in November and the Bengaluru Tech Summit.

Companies which have agreed to invest in Karnataka

Lulu Group International

The Lulu Group has come forward to invest Rs2000 cr in Karnataka. The company intends to open 4 Shopping Malls and Hyper Market.

It is also keen to establish export oriented food processing units in the state.The projects are expected to create employment opportunities for 10,000 persons.

ReNew Power

ReNew Power, a leading name in the renewable energy sector signed a Memorandum of Understanding(MoU) to invest Rs.50,000 cr.

The company intends to set up production units in Renewable Energy, Battery Storage and Green Hydrogen over the next 7 years in two phases.

In the first phase Rs.11,900 cr would be invested on the ongoing projects in the State and they would be operationalised in the next 2 years.

In the second phase the company plans to invest Rs37,500 cr to set up Renewable Energy and Green Hydrogen units over the next 5 years.

The projects spread over two phases would create employment opportunities for about 30,000 persons.

Companies which have evinced interest to invest in Karnataka


Siemens is taking up two projects in Bengaluru focussing on Magnetic Imaging and Diagnostics and a health related R & D project.

The State government has assured special incentives for the company to set up its production unit for modern medical equipment. Discussions were also held on the ‘Beyond Bengaluru’ project to draw investments to Tumakuru, Hubballi-Dharwad and Mysuru cities.

Dassault Systems

Dassault has evinced interest to invest in Electric Vehicles, Modern Production systems, industrial training for students in Digital 4.0 technology and Smart City project in Karnataka.


Nestle has expressed its keenness to modernise and expand the Nestle Instant Coffee unit in Nanjangud.

Mega Data Centre by Bharti

Bharti Enterprises Chairman and CEO Sunil Bharti Mittal has expressed keen interest to set up a Mega Data Centre in the State.

The State government has assured all the necessary cooperation to make it a a reality.

Ikea store in Bengaluru

CEO of Ingka Group(Ikea), Jester Brodin met Chief Minister Basavaraj Bommai and held discussions in the backdrop of an Ikea Store being opened in Bengaluru.

The Ikea store(furniture) is set to be inaugurated at Nagasandra in June. The India head office of Ikea is in Bengaluru and issues related to extensive use of Bamboo and other locally available raw materials in making of furniture came up for discussion during the meeting.

Axis Bank

Chief Minister Basavaraj Bommai has suggested Axis Bank to take up upgradation of some of the engineering colleges and universities in the state under its Corporate Social Responsibility(CSR) programmes.


Bommai, who met the head of Nokia, suggested making good use of the opportunities in the state for the manufacture of telecommunication products.

Nokia has its biggest Research Centre in Bengaluru with over 7000 technocrats engaged in research related to 5G, advanced 5G and 6G technologies.

Industries minister Murugesh Nirani, IT, BT minister CN Ashwathnarayan, Additional Chief Secretary in the department of Industries EV Ramana Reddy, CM’s Principal Secretary N Manjunath and Commissioner in the department of Industries Gunjan Krishna were part of the CM’s team.