BENGALURU: Senior representatives of several global companies met Karnataka Minister for Large and Medium Industries Minister MB Patil at the World Economic Forum (WEF) in Davos and discussed investment opportunities.
During the interaction, the officials briefed Patil on the WEF’s upcoming initiatives, investment opportunities, facilities, incentives, and policy partnerships.
Patil, who is participating in the WEF annual meeting in Davos, said that the representatives were apprised of Karnataka’s digital economy, innovation ecosystem and the strong presence of global technology companies in the state.
The senior representatives include those from Menzies Aviation, UPL, The Coca-Cola Company, Tata Sons, Anheuser-Busch InBev (AB InBev), and Natural Fiber Welding (NFW Earth).
Patil said that Menzies Aviation has already invested $25 million Dollars in Bengaluru for the development of cargo-handling operations. The company is now exploring opportunities to offer additional services at Bengaluru’s Kempegowda International Airport and has expressed its willingness to invest a further $10 million Dollar. In addition, Menzies Aviation has shown interest in establishing a Global Capability Centre in Karnataka.
Further, Patil said that the fertiliser major UPL is looking to expand its operations in Karnataka. “The company currently has an annual turnover of Rs 300 crore in North Karnataka and has now expressed interest in importing potash through the Mangaluru port. It has also proposed promoting maize-based industries in the state. UPL has developed new technology which can enhance agricultural productivity while reducing the use of urea in farming by 30%,” Patil said.
Stressing on The Coca-Cola Company, Patil said that they had announced last year its plans to invest Rs 25,760 crore in India in the coming years. “Given the substantial water requirements for beverage manufacturing, Vijayapura was suggested as a suitable location,’’ he said.
AB InBev, that operates a beer manufacturing unit in Mysuru, has expressed interest in further expanding its production in Karnataka.
NFW Earth, that is engaged in developing alternatives to plastic, has decided to invest Rs 1,800 crore in India in the first phase and has agreed to submit its project proposal to the State Government shortly. Tata Group, which already provides employment to 1.30 lakh people in Bengaluru, has shared details of the requirements for its future projects planned in Karnataka, Patil added.