Jindal, Mahindra groups propose Rs 1.4 trillion investment in Karnataka

The three-day Invest Karnataka summit aims to secure investments worth Rs 10 lakh crore

The Jindal and Mahindra groups will invest ₹1.4 trillion in Karnataka, including ₹1 trillion by the former, over the next few years, as part of the state’s push to attract investors from across the globe. 

The announcements were made on Tuesday during the inauguration of the three-day Global Investors Meet (GIM), Invest Karnataka 2025 summit, with the theme- ‘Reimagining Growth’.

  Jindal's investment of 1.2 trillion, one of the largest proposed at the event, will span across steel, energy, infrastructure, cement and paint.

 

“I am proud to announce that today, we are signing an MoU of ₹100,000 crore, and including the ongoing investments, JSW will be investing close to ₹1.2 trillion in Karnataka over the next few years, which will provide thousands of employment opportunities in the state. As a long-term investor in Karnataka, I can confidently say that this state offers unparalleled opportunities for businesses to thrive,” Jindal Group chairman Sajjan Jindal said.

 

Jindal will invest ₹43,000 crore to expand its Vijaynagar steel plant and upgrade it to incorporate AI, robotics, and electric steel production. Besides this, another ₹56,000 crore will be pushed into renewable energy, ₹4,350 crore to enhance capacity at Mangalore port and set up a new port at Keni, ₹950 crore to expand the capacity of its cement plant and another ₹500 crore to double the group's paint capacity plant.

 

Jindal's investment in the steel plant comes at a time when the country's steel industry is staring into an uncertain future due to a possible tariff threat from US President Donald Trump which threatens to dampen exports.

 

Anand Mahindra, chairman of the Mahindra Group, said the company would invest ₹40,000 crore in the state. The Group plans to invest ₹35,000 crore for renewable energy projects to set up a 5GW solar capacity plant. The rest will be split between hospitality, aerospace and real estate.

 

Mahindra Lifespaces, the group's real estate arm, is currently developing projects worth over ₹5,000 crore in Bengaluru and plans to invest an additional ₹6,000 crore in the near future.

 

“The New Industrial Policy 2025-30 outlines Karnataka's ambitious vision to drive innovation, sustainability, and inclusive growth, aiming for a 12 per cent annual growth rate in the manufacturing sector, while targeting ₹7.5 lakh crore in investments and creating 2 million jobs by 2030,” state Chief Minister Siddaramaiah said at the event.

 

India's Defence Minister Rajnath Singh, who was also present, said that by investing in Karnataka, businesses get access to the resources across the country and an opportunity to tap into the talent pool.

 

“Bangalore will create India's first foundation AI model,” Singh added.

Kiran Mazumdar Shaw, chairperson of Biocon, said the state's progressive policies, talent pool and unique ecosystem makes it a magnet for talent-based businesses. “The new single window clearance policy of the state government will be a game changer,” she said.  

 

The state is targeting investments of ₹10 lakh crore with a target of realising about 70 per cent of those commitments.