Karnataka signs Letters of Intent worth Rs 2,600 crore in Beyond Bengaluru clusters, to generate 3,500 jobs

Karnataka government on November 19 said it has signed Letters of Intent (LoIs) worth Rs 2,600 crore with leading innovators and enterprises on Day 2 of the Bengaluru Tech Summit (BTS) 2025.

These investments, spread across the semiconductor, EV battery and components, and biotech sectors, are expected to generate 3,500 direct and indirect jobs across the state.

Speaking to reporters, IT–BT Minister Priyank Kharge and Karnataka State Electronics Development Corporation (Keonics) chairman and legislator Sharath Bachegowda said the state is strengthening its leadership in advanced technologies while expanding innovation beyond Bengaluru.

All six LoIs have been signed in the Beyond Bengaluru clusters. One of the major LoIs was signed with the Drone Federation of India, which plans to invest between Rs 25 crore and Rs 100 crore to set up a drone testing facility at Chintamani in Chikkaballapur district (20 acres). The facility, to be developed through a public–private partnership model, will involve the government providing land, while the Drone Federation brings in partner companies to utilise the testing ecosystem. It is expected to create 500-600 jobs.

Another LoI was signed with Global HDI, which has committed Rs 1,500 crore to establish a high-density and multi-layer printed circuit board (PCB) manufacturing plant on 84 acres in Tumakuru. The facility is expected to create around 1,000 jobs. The company specialises in HDI PCBs used in consumer electronics, telecom, automotive and high-speed electronic devices, and the project is expected to bolster India’s electronics manufacturing capacity.

Tsuyo Manufacturing has committed Rs 250 crore for an EV powertrain manufacturing facility on 30 acres in Dharwad. The company designs and develops advanced EV components and supplies major OEMs such as Mahindra and Tata. The project is expected to generate 700 jobs.

MiniMines Cleantech Solutions, known for its work in battery recycling and clean technologies, signed an LoI worth Rs 350 crore to set up a critical mineral refining giga-complex in Gauribidanur. It is expected to create 600 jobs.

EyeStem Research will invest Rs 130 crore in a cell therapy R&D and manufacturing facility. The company develops scalable iPSC-based therapies, beginning with treatments for Dry AMD. Its lead therapy, Eyecyte-RPE, aims to restore vision by replacing damaged retinal cells, and the company collaborates with institutions including OHSU and AIIMS.

Elleve Solutions also announced an investment of Rs 250 crore to establish a PCB and electronics manufacturing facility on 30 acres in Tumakuru. It is expected to generate 300-400 jobs. The firm provides end-to-end ESDM services including design, prototyping, assembly, calibration, certification and contract manufacturing for sectors such as aerospace, automotive, consumer electronics and telecom.

Beyond Bengaluru

Kharge also announced new initiatives under the government’s Local Economy Accelerator Programme (LEAP), a five-year, Rs 1,000-crore initiative aimed at fostering strong innovation clusters outside Bengaluru. As part of this programme, two new flagship schemes - Elevate Next (Deeptech) and Elevate Beyond Bengaluru - will be introduced to nurture start-ups and expand Karnataka’s innovation footprint.

Elevate Next will be launched on January 1 and will offer targeted grants for deeptech start-ups. Forty start-ups will receive financial support ranging from Rs 50 lakh to Rs 1 crore. Elevate Beyond Bengaluru, launching on February 1, will support entrepreneurship in tier-2 and tier-3 cities, with 50 start-ups set to receive grants of up to Rs 50 lakh.

Kharge said LEAP adopts a full start-up lifecycle approach, supporting entrepreneurs from ideation to commercialisation. By expanding innovation to emerging regions, the government aims to ensure Karnataka’s growth remains inclusive, future-ready and globally competitive.