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World Economic Forum 2024: Karnataka signs MoUs worth ₹22,000 crore with 7 companies 

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DAVOS : The Karnataka Government signed Rs 22,000 crore worth of memorandums of understanding (MoUs) with seven companies including Microsoft, Web Werks and Hitachi, on Day 2 of the World Economic Forum 2024 here.

Web Werks inked an MoU with the Karnataka government for the setting up of a Rs 20,000 crore data centre park, state industries department said on January 17.

Hitachi signed an MoU focusing on economic development in the rural sector, healthcare, education, and panchayat e-governance. Hitachi’s plans include the initiation of M-Star Telemedicine Deployment through Hitachi MGRM Net. Four other companies signed agreements collectively valued at over Rs 2,000 crore.

MB Patil, Minister for Large and Medium Industries and Infrastructure Development, engaged in discussions with Sony, HP, Nestle, Honeywell, Lulu group, Inox Group, Takeda Pharma, Coinbase, Tillman Global, BL Agro, and many others. 

Highlights of Day 2 at WEF 2024


Volvo’s growth plans in the state encompass the establishment of a truck plant in Hoskote, a bus plant, and expansion in construction equipment, all aligned with the broader economic development. Karnataka is at the forefront of Clean Mobility initiatives, seeking to encourage Volvo’s participation in cars, buses, and trucks. Volvo is actively engaged in hydrogen research, particularly focusing on fuel cells onboard vehicles, with ongoing tests to convert vehicles from internal combustion engines in India.

Future endeavors involve the introduction of LNG with a dual-source system for buses, providing a range of 500 km to 700 km. The Karnataka government is committed to facilitating policy support for widespread LNG vehicle adoption. Volvo is committed to exploring all future technologies, including LNG, battery electric, and hydrogen fuel cells for commercial vehicles. 


The Memorandum of Understanding (MOU) between the Government of Karnataka (GoK) and Microsoft details a digital skilling initiative targeting under-served youth in India. Emphasising young girls/women, job seekers, individuals with disabilities and those in regions with low workforce participation, aspirational districts, remote, and tribal areas. Microsoft’s digital skilling program, Microsoft RISE, plans to deliver 70 hours of virtual instructor-led training on digital productivity, employability, entrepreneurship, and communication skills in collaboration with its nonprofit partner AISECT. 


Inox Air Products is actively considering expansion into Karnataka, a strategic move aligning with the company’s growth objectives. The potential venture in Karnataka, with its vibrant cinematic landscape, offers Inox Air Products an opportunity to contribute to and thrive in a market that embraces and celebrates cultural multiplicity. 

Inox has already filed an application for setting up an Industrial Gas manufacturing facility worth ₹150 Cr to supply Electronics Manufacturers in the region of North Bengaluru. 

Lulu Group

The Lulu Group is expanding into food processing in Vijayapura district, investing ₹300 crore in a dedicated plant for export. With over 250 malls, they currently source substantial quantities, including eggplant, okra, guava (white and pink varieties), chickoo, capsicum, and chilies, exceeding 200 tons monthly from Karnataka. The Lulu Group plans to boost export capacity by focusing on the northern Karnataka region. 

hese partnerships are poised to propel the state into a new era of technological advancement, infrastructure development, and economic growth, Patil said.

“The primary objective is to establish cutting-edge infrastructure, capitalising on the robust existing ecosystem and the highly attractive market dynamics in the region,” he said. Patil also assured them of the government’s complete support and cooperation in their future ventures in Karnataka.

Here are the major highlights from the Karnataka Pavilion on Day 2 of the World Economic Forum in Davos:


Webwerks plans to set up a 100 MW Data Centre in Bengaluru. The company expressed its intention to establish a cutting-edge connectivity hub, featuring state-of-the-art hyper-scale data centres in Bengaluru.


Honeywell plans to collaborate with the Karnataka government, using sensors and IoT for applications in traffic management and monitoring government services like waste management.

Takeda Pharmaceuticals

Takeda Pharmaceutical Company, a Japanese multinational pharmaceutical company, wants to establish a Global Innovation Center in Bengaluru, creating 1,000 digital roles, and emphasising diversity and inclusion. The state government will collaborate with local academic institutions and organisations.

BL Agro

BL Agro, a 50-year-old company, plans to expand in Agritech, Agri fintech, and food processing in Karnataka, focusing on both the South and Northern regions.


Karnataka’s robust ecosystem offers collaboration potential with HP Inc, focusing on skilling initiatives and Industry 5.0. The state’s extensive network of vocational training providers makes it an ideal destination for innovation and growth.

Inox Air Products

Inox Air Products is considering expanding into Karnataka, aligning with the state’s cultural diversity. It is planning to set up a Rs 150 crore industrial gas manufacturing facility in North Bengaluru.


Sony’s R&D division plans to strengthen operations in Bengaluru, recruiting top-tier AI talent and researchers. Collaboration with local academic institutions and the Gaming Center of Excellence planned by the state IT-BT department is anticipated.


Nestle, which employs 1,800 individuals in Nanjangud, plays a pivotal role in the coffee industry in the state. The company intends to boost production to 22,000 tonnes by collaborating with 5,000 farmers and running a demonstration farm for coffee plantation training. Anticipating the operationalisation of a biomass plant in the first half of 2025, Nestle aims to position Karnataka as a hub for sourcing clean energy with the support of the government.

Tillman Global

Tillman Global has expressed interest in telecommunications infrastructure investments in Karnataka, considering solar options for data centres. An investment plan of %25-30 billion is anticipated over the next decade.

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