Karnataka 'consciously avoided' MoUs with Indian firms, held over 50 meetings with global companies, says MB Patil

• Karnataka avoided MoUs with Indian firms at Davos, focusing on global companies
• Over 50 meetings held with global firms; strong investment pipeline built
• Nearly 50 percent of Rs 10.27 lakh crore GIM commitments realised in 11 months

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Karnataka “consciously avoided” signing memoranda of understanding (MoUs) with Indian companies at the World Economic Forum in Davos, while it held more than 50 meetings with global firms, industries minister MB Patil has said.

Patil remarks seem to be targetted at neighbouring Maharashtra, which claims to have signed MoUs worth Rs 30 lakh crore at Davos. The Maharashtra government has denied allegations that it was inking agreements with Indian firms at World Economic forum.

“Karnataka is among the highest in terms of engagement at Davos, having held over 50 meetings with global companies and building a strong pipeline of fresh investments,” Patil told Moneycontrol in Davos.

“We have held more than 50 meetings here, probably among the highest for any Indian state. When we came to Davos, we consciously decided not to sign MoUs with Indian companies, as we had recently concluded our Global Investors Meet, where investment commitments worth Rs 10.27 lakh crore were signed.”

According to the minister, nearly 50 percent of these commitments have already been realised within 11 months.

Of the total investments agreed to, around 60 percent are in manufacturing. Karnataka secured about Rs 1.1 lakh crore in investments after the investor meet, while another Rs 1.5 lakh crore is now in the pipeline.

Patil attributed Karnataka’s sustained investment momentum to an ecosystem that has evolved over more than a century. He cited institutions such as HAL, BEL, BHEL, ISRO, HMT and Indian Institute of Science, along with the contributions of the Mysore Maharajas, as the foundation of the state’s industrial and scientific strength.

The early emphasis on professional education through engineering colleges and medical institutions created a deep talent pool, which later fuelled the IT boom and the rise of homegrown companies such as Infosys, he said.

Patil said more than 400 Fortune 500 companies have established global capability centres (GCCs) in Bengaluru. He cited examples of Samsung , Boeing, Airbus and Rolls-Royce setting up global capability centres (GCCs) in Bengaluru.

Karnataka continues to dominate India’s aerospace and defence manufacturing landscape, contributing nearly 65 percent of the sector’s output, Patil said.

Global majors such as Airbus, Boeing, Safran, Collins Aerospace, Thales and Rolls-Royce have a significant presence in the state. Karnataka also leads in machine tools manufacturing and has strengthened its position in electronics manufacturing.

“This is not a duplication of what Foxconn has in China. This is next-generation manufacturing that will be globally adopted,” he said of Taiwanese company’s investments in the state.

The minister said almost 50 percent of India’s AI startups are based in Bengaluru, which has also become the nerve centre of India’s private space ecosystem.

With space sector reforms opening up opportunities in recent years, Karnataka has held multiple meetings with companies keen to invest, building on the legacy of Isro and India’s cost-efficient space achievements, including the successful lunar south pole landing.

“Karnataka’s talent, ecosystem and legacy in science and engineering continue to make it a natural choice for global investors,” Patil said, adding the state remains focused on execution and timely realisation of investments rather than headline announcements.