Mysuru's Mega Millions: ₹26,638 Crore Investment Boom!

The recently concluded Invest Karnataka, a global investors' meet in Bengaluru, resulted in the Karnataka government securing MoUs worth ₹26,638 crore for investments in Mysuru district. These agreements, signed with six companies, are expected to generate 6,300 job opportunities.

The energy sector received the highest investment commitments, with Essar Renewables pledging ₹20,000 crore for renewable energy projects. Their investment will support the development of approximately 2.5 GW of renewable projects integrated with Battery Energy Storage Systems (BESS).

A spokesperson from Essar Renewables highlighted that this initiative will offer a range of renewable energy solutions, including solar power, firm and dispatchable renewable energy, and round-the-clock green power for distribution companies. Additionally, these projects will cater to Essar’s captive energy needs. The company is already involved in developing over 300 MW of solar power projects in Karnataka.

Apart from renewable energy, investments have also been secured in the food and agri-business and general engineering sectors. Additionally, in the Chamarajanagar district, two companies are set to invest ₹2,750 crore.

During the ongoing State Legislative Council session, Medium and Large Scale Industries Minister MB Patil provided details in response to a question by MLC SV Sankanur. Regarding the proposed Knowledge and Innovation (KWIN) City in Mysuru, he clarified that no such proposal currently exists. However, he assured that after the project's implementation in Bengaluru, the government would consider expanding it to Mysuru based on demand.

News by Rahul Yelligetti.