BENGALURU: In what is so far the biggest investment for Karnataka at the World Economic Forum (WEF) in Davos, a renewable energy company has signed a memorandum of understanding (MoU) to invest Rs 50,000 crore in the state in the next seven years. The company inked the MoU with the State government officials in the presence of Chief Minister Basavaraj Bommai in Davos on Tuesday.
A statement issued by the Chief Minister’s Office (CMO) said the company plans to invest in renewable energy, battery storage and green hydrogen units which has the potential to create employment opportunities for 30,000 people. The CM termed the MoU “a major milestone in the renewable energy sector in the state”.
In the first phase, Rs 11,900 crore would be invested in the ongoing projects in the state and they would be operationalised in the next two years. In the second phase, the company plans to invest Rs 37,500 crore to set up renewable energy and green hydrogen units over the next five years. The company already runs wind, solar and hydro power projects in nine states, including Karnataka.
Bommai also met Chairman and CEO of Bharti Enterprises, Sunil Bharti Mittal, Chairman of Adani Group, Gautam Adani, CEO of Johnson Controls, Geo-rge Oliver and several other industrialists and discussed investment opportunities in the state.
Mittal expressed keen interest to set up a Mega Data Centre in the state. Bommai assured all support from the State government to make it a reality, the CMO statement added.