More than 20 Indian and global companies across sectors signed memorandums of understanding (MoUs) with the government of Karnataka on November 2, committing to invest more than Rs 2 lakh crore cumulatively, instilling confidence in India's third-largest state in terms of GDP (Gross Domestic Product).
Since the start of this year, domestic and international companies have signed MoUs with the Karnataka state government committing investments of more than 5.60 lakh crore, according to ministers and industrialists at the Global Investors Meet said.
The sectors in which various companies have committed investments include green hydrogen, electronics system design and manufacturing, e-mobility, aerospace and defense, data centers, infrastructure, industrial and logistics parks, core and general manufacturing, and renewable energy.
The green hydrogen and derivatives sector saw seven companies committing investments of a little over Rs 2.90 lakh crore, with ACME Solar committing to invest the most of over Rs 51,000 crore. JSW Energy also committed over Rs 40,000 crore.
The electronics system design and manufacturing sector saw companies committing investments of more than Rs 47,000 crore, with ISMC Analog Fab leading the chart with a commitment of Rs 22,900 crore.
The e-mobility, aerospace and defence, and data centers sectors saw commitments by nine of more than Rs 22,000 crore, with Atria Power, an EV charging infrastructure company, committing an investment of Rs 9,454 crore. Bajaj Auto-backed EV (electric vehicle) development, charging and swapping company Yulu also committed Rs 1,200 crore.
Eight companies committed investments of more than Rs 44,000 crore in the industrial and logistics park sector. Bharti Airtel and Reliance Jio led the chart with investments of Rs 15,000 crore and Rs 11,000 crore each.
Core and general manufacturing sectors also saw commitments from various investors. Six companies committed investments of over Rs 25,000 crore in the core manufacturing sector, while four companies committed investments of about Rs 5,000 crore in the general manufacturing sector.
The renewable energy sector saw the second-most favoured sector by companies as eight companies committed investments of Rs 1.27 lakh crore with Vedanta alone committing Rs 80,000 crore of investments.