July 15, 2024


Truth Triumphs

World Economic Forum Meet: State signs MoU with Lulu Group for Rs2000 cr investment

CM holds talks with heads of Jubilant Group, Hitachi, Hero Motocorp & Siemens

Davos, May 23: Karnataka signed a Memorandum of Understanding (MoU) with AV Anantharaman, Director of Lulu International Group for an investment of Rs2000 cr in the presence of Chief Minister Basavaraj Bommai at World Economic Forum Meet being held in Davos, Switzerland.

The Lulu Group has come forward to invest Rs2000 cr in Karnataka. The company intends to open 4 Shopping Malls and Hyper Market. It is also keen to establish export oriented food units in the state. The projects are expected to create employment opportunities for 10,000 persons.

CM holds talks with top corporates of the world

Chief Minister Bommai on Monday held talks with heads of Jubilant Group, Hitachi and Siemens companies at Davos.

Jubilant Group

The Chief Minister invited the company to explore the investment opportunities in Pharma and FMCG sectors in the State. He made a pitch for the FMCG Park being established in Dharwad and explained the incentive package being offered by the State to draw the investors to set up their units here.

Jubilant Food Works has decided to set up its centralised Kitchen and Jubilant Biosys is keen to establish its R & D unit in a 10 acre plot at Devanahalli. Presently about 9000 persons are working with Jubilant in the State.

Hitachi Energy

  • Hitachi has conveyed its interest during the talks to set up an EV Charging infrastructure unit in the State.
  • The company has evinced interest to explore the opportunities in Energy and Digitalisation sectors considering the immense talent pool available in Bengaluru.
  • The Company is all set to inaugurate its Energy Quality Instrument Unit at Doddaballapur.
  • Hitachi Energy has its head office in Bengaluru and it is building an Engineering Center which would engage about 2000 engineers.


  • Siemens is taking up two projects in Bengaluru focussing on Magnetic Imaging and Diagnostics and a health related R & D project.
  • The company plans to lay the foundation stone for setting up a medical equipment manufacturing unit at Bommasandra in September 2022 to cater to the domestic market. Chief Minister Bommai has been invited for the programme. The company currently has about 2000 engineers.
  • The State government has assured special incentives for the company to set up its production unit for modern medical equipment.

Representatives of Siemens and the State government also discussed about the ‘Beyond Bengaluru’ project to draw investments to Tumakuru, Hubballi-Dharwad and Mysuru cities.

Industries minister Murugesh Nirani, Additional Chief Secretary in the department of Commerce and Industry EV Ramana Reddy, CM’s Principal Secretary N Manjunath Prasad, Commissioner of Industries department Gunjan Krishna and others were present.

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