US firms to invest $3 billion in Karnataka, says State government

Karnataka Minister for Large and Medium Industries and Infrastructure Development M B Patil says US-based semiconductor, aerospace, defense, electric vehicle, space, precision manufacturing, and health technology companies have shown a strong inclination to invest a total exceeding $3 billion in the State of Karnataka, with nearly $1 billion already in progress.

During a recent delegation visit led by Patil to the United States, 36 meetings and discussions took place. These included 27 one-on-one meetings and nine interactions with various companies, where the delegation explored investment opportunities across sectors such as electronics and semiconductors, aerospace and defense, automotive and electric vehicles, precision manufacturing, and medical technology.

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The delegation held meetings with global companies including Applied Materials, AMD, Juniper, Global Foundries, LAM Research, Boeing, Krypton, Dell, MKS Instruments, GE Healthcare, Intelsat, RTX, Terradyne, Texas Instruments, Apple, and Waters Corp, among others. Further, the delegation also met with a few promising startups like Leolab, Fictive, and T-Seconds.

The primary objective of the US visit was to position Karnataka as an attractive investment destination. Given the evolving global geopolitical landscape, where many global companies are eyeing India as a secure and promising location for new investments or expanding their existing operations, this visit was of utmost importance.

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With the new government taking office in May of this year, the delegation, led by Patil, aimed to assure investors that Karnataka is indeed an attractive and preferred destination. The State’s appeal is further strengthened by its industry-friendly policies, attractive incentives, a skilled and technically qualified workforce, and abundant natural resources.

The core themes discussed with industry leaders revolved around collaborative skilling initiatives, expanding the supplier base, enhancing the existing R&D ecosystem, and partnering with the State government to establish Centers of Excellence.

Patil said, “We have tried to understand their requirements and have invited them to Karnataka for expansion or collaboration. We had been to the US with a mission and a clear vision for Karnataka, and I am happy to share that the visit was fruitful. There is a renewed beginning for the State.”