Karnataka inks Rs 22,000 crore worth deals in Davos

Vijayapura: Karnataka: under the leadership of Minister for Infrastructure, Large and Medium Industries MB Patil, sealed Memoranda of Understanding (MoUs) worth Rs 22,000 Crore with seven major companies on the second day of the World Economic Forum 2024 in Davos.

Among the major agreements, the Karnataka government inked a monumental MOU with Web Werks for the establishment of a state-of-the-art data center park valued at Rs 20,000 Crores.

Microsoft, on the other hand, committed to collaborating with the Karnataka Government on skilling and governance initiatives, while Hitachi focused on economic development through initiatives in the rural sector, healthcare, education, and Panchayat E-Governance. Hitachi's plans include the introduction of M-Star Telemedicine Deployment through Hitachi MGRM Net. Additionally, four other companies joined forces with the Karnataka Government. Collectively, they are contributing over Rs 2,000 Crores.

Minister MB Patil engaged in discussions with a host of global entities, including Sony, HP, Nestle, Honeywell, Lulu Group, Inox Group, Takeda Pharma, Coinbase, Tillman Global, and BL Agro, among others. In a statement, the Minister emphasized the primary objective of establishing cutting-edge infrastructure, leveraging the robust existing ecosystem, and capitalizing on the highly attractive market dynamics in the region.

"The execution of these MoUs heralds a dawn of technological and economic advancement for the state. Moreover, it will facilitate the optimal utilization of market opportunities through cutting-edge infrastructure. These strategic investments are poised to benefit various regions in North Karnataka, including Vijayapura and Kalaburagi. The government has pledged full cooperation for the successful execution of these transformative projects, promising a brighter future for the state," Patil said in a press statement.

Chief Minister Siddaramaiah has expressed happiness over this development.

"Great news from Davos! Karnataka has inked an MOU with Web Werks India Pvt Ltd at the World Economic Forum. We're set to welcome a massive Rs 20,000 crore investment from Web Werks for a new Data Centre Park in Bengaluru. This is a giant leap in our infrastructure journey. Welcome aboard, Web Werks!," Siddaramaiah posted on social media X (formerly Twitter.)