Davos summit boosts Karnataka investment pipeline with ₹13,070 cr in commitments

The World Economic Forum (WEF) annual meeting in Davos has emerged as a catalyst for Karnataka’s economic growth, with the state securing investment commitments worth Rs 13,070 crore across sectors including renewable energy, aerospace, data centres, food processing and advanced manufacturing, Industries Minister M B Patil said.

Addressing the media after returning from the summit, Patil said more than 45 meetings and consultations held over five days helped position Karnataka as a preferred global destination for artificial intelligence, Global Capability Centres (GCCs), research and sustainable urban development.

The discussions at Davos have not only laid the foundation for fresh investment inflows but have also accelerated projects already under implementation, the minister said, adding that global companies had praised Karnataka’s industry-friendly policies and availability of skilled manpower.

A significant portion of the commitments came from the RP-Sanjiv Goenka Group, which plans to invest Rs 10,500 crore over the next three years in Vijayapura and Ballari districts, providing a major boost to renewable energy development in north Karnataka.

Global brewer Carlsberg Group reiterated its plan to set up a Rs 350 crore bottling plant at Nanjangudu, while Schneider Electric proposed investments of Rs 1,520 crore, including in IT operations. INOX GFL, which has already invested Rs 10,000 crore in the state and commenced turbine blade manufacturing at Kushtagi, will invest an additional Rs 400 crore to manufacture wind power towers and solar panels.

Belrise Industries plans to invest Rs 300 crore to expand its Mysuru facility, which supplies components to TVS Motor Co.

Patil said discussions were held with the Singapore Economic Development Board on setting up a ’Singapore Park’ in Karnataka to attract Singapore-based companies. The state is also seeking to attract a significant share of Coca-Cola’s proposed Rs 25,760 crore investment in India.

Several global companies expressed interest in expanding operations in Karnataka. Nokia, US-based Vast Space, UAE-based Crescent Enterprises and Voyager Technologies indicated interest in investing in the state, while Bharti Enterprises said it was keen on setting up a new data centre, adding to its existing investments of around Rs 13,000 crore.

France-based Mistral AI expressed interest in establishing a phased research and development centre in Bengaluru, while US-based Philip Morris indicated its intent to manufacture smoke-free products in Karnataka.

Bharat Forge Ltd sought details on investment opportunities, the minister said.

Nokia has shown interest in establishing a Global Capability Centre and research facilities in the state. In line with the government’s focus on developing self-sustaining urban centres beyond Bengaluru, Tech Mahindra expressed interest in expanding operations into Tier-2 cities. Sify Technologies said it would soon launch a data centre in Karnataka.

The state’s flagship ’KWIN City’ project, planned between Dabaspet and Doddaballapur, also drew strong interest. Imperial College London has proposed setting up a research and development centre in the city, while global cybersecurity firm Cloudflare is considering becoming part of the project.

US-based Voyager Technologies and space company Vast Space have expressed interest in partnership agreements with the state government, while UAE-based Crescent Enterprises is exploring investments across multiple sectors in Karnataka. An MoU was signed at Davos to facilitate Swiss companies seeking to leverage the state’s innovation-driven ecosystem.

Patil said the engagements at Davos would help Karnataka strengthen its competitive position amid global industrial transformation and deepen bilateral trade ties with key economies.