Top firms vow investment in several key sectors
The Mahindra Group committed nearly ₹40,000 crore, with a dominant ₹35,000 crore earmarked for renewable energy.
Major corporations have pledged investment across various sectors, such as renewable energy, tourism, electric mobility, and semiconductor manufacturing, during the ongoing Invest Karnataka 2025 summit.
The Mahindra Group committed nearly ₹40,000 crore, with a dominant ₹35,000 crore earmarked for renewable energy. Mahindra Susten, its renewable energy arm, aims to develop over 5 GW of solar and hybrid projects in the next five years, generating between 6,000 and 8,000 jobs. The group is also expanding its presence in tourism, with Mahindra Holidays planning to invest ₹1,000 crore in Gokarna and Hampi.
“We intend to invest a further ₹1,000 crore and are in talks with government officials, and I look forward to their support, particularly regarding land aggregation,” said Mahindra Group chairman Anand Mahindra, urging the government to grant industry status to tourism.
Mahindra’s focus on electric mobility is evident, with Karnataka playing a crucial role in the company’s electric three-wheeler (E3W) ambitions. The group has already filed 60 patent applications, 54 trademarks, and 10 design registrations. Mahindra Lifespaces is also expanding its real estate footprint, with ongoing projects worth ₹5,000 crore in Bengaluru and an additional ₹6,000 crore planned.
“Our projects are industry-leading net zero energy and net zero waste homes, and our customers love them. We are committed to maintaining Bengaluru’s vibrant ecosystem through these green homes,” Mahindra said.
The summit also saw significant investment commitments from other industry giants. Lam Research, a key player in semiconductor manufacturing, signed an MoU with the Karnataka Industrial Areas Development Board (KIADB) to invest ₹10,000 crore, marking a major boost for the state’s semiconductor ecosystem. “This investment places Karnataka at the heart of the global semiconductor ecosystem,” said the chief minister, highlighting the state’s growing role in high-tech manufacturing.
TVS Motor Company announced a ₹2,000 crore investment to establish an advanced R&D facility, while Honda pledged ₹600 crore to expand electric vehicle manufacturing.
The renewable energy sector witnessed the largest investment pledges, with JSW Neo Energy Ltd committing ₹56,000 crore for solar and wind projects, battery storage, and wind turbine manufacturing. The Jindal Group announced plans to invest over ₹1 lakh crore in Karnataka, with ₹45,000 crore allocated to steel production and ₹56,000 crore for green hydrogen, solar energy, and hospitality ventures.
Baldota Steel & Power Ltd committed ₹54,000 crore for an integrated steel plant, while Tata Power Renewable Energy Ltd and ReNew Pvt Ltd each pledged ₹50,000 crore. Other major players in the renewable sector included Serentica Renewables India Pvt Ltd ( ₹43,975 crore), Mahindra Susten Pvt Ltd ( ₹35,000 crore), Hero Future Energies ( ₹22,200 crore), and Suzlon Energy Ltd ( ₹21,950 crore).
Apart from energy and manufacturing, global corporations made substantial R&D and infrastructure commitments. Schneider Electric will invest ₹2,247 crore in manufacturing and related R&D, Hitachi Energy pledged ₹1,000 crore, and Bosch committed ₹450 crore. Havells is expanding in Tumkur with a ₹710 crore investment, while UltraTech Cement and Dalmia Cement announced ₹4,500 crore and ₹3,000 crore investments, respectively.
The knowledge economy also gained traction, with the KWIN City initiative attracting interest from nine universities, including St. John’s University of New York, which plans to set up a campus in Karnataka. ESR Advisers committed ₹2,500 crore for industrial parks and data centres, while Sotefin Bharat will introduce automated multilevel car and bus parking systems with an ₹8,500 crore investment.
Epsilon Group, a leader in advanced battery materials, signed an MoU with the state government to invest ₹15,350 crore in manufacturing and R&D for electric vehicle battery technology. This investment includes ₹9,000 crore for a Graphite Anode plant, ₹6,000 crore for an LFP Cathode plant, and ₹350 crore for R&D and training. “This strategic investment will bolster India’s EV ecosystem, creating thousands of jobs and strengthening India’s position in advanced battery technology,” the company said.