ReNew Power signs MoU to invest Rs 50,000 cr in 7 years in Karnataka

Bengaluru: Renewable energy firm ReNew Power on Tuesday signed an MoU with the Karnataka government in the presence of Chief Minister Basavaraj Bommai, at the World Economic Forum meet in Davos, to invest Rs 50,000 crore in the State over the next seven years.

On the second day of his visit to the WEF meet in the Swiss ski resort town, Bommai on Tuesday held a series of meetings with industry captains from various countries.

ReNew Power intends to set up production units in Renewable Energy, Battery Storage and Green Hydrogen with potential to create employment opportunities for 30,000 people, the Chief Minister's office said in a statement.

During the day, Bommai met Chairman and CEO of Bharti Enterprises Sunil Bharti Mittal.

Mittal expressed keen interest to set up a 'Mega Data Centre' in the State, and the Chief Minister assured all the support from the State government to make it a reality, the release said. Gautam Adani, Chairman of Adani Group, also called on Bommai and discussed investment opportunities in Karnataka.

Industries Minister Murugesh Nirani, IT, BT Minister C N Ashwath Narayan, Additional Chief Secretary in the Department of Industries E V Ramana Reddy, CM's Principal Secretary N Manjunath and Commissioner in the department of Industries Gunjan Krishna were present at these meetings.

Nirani expressing happiness about meeting with Adani, in a tweet said, "The Adani Group had recently expressed interest to invest nearly Rs 50,000 crore in Karnataka which will boost the economy and create jobs."

The Industry Minister also shared information about the meeting with Volvo. "Volvo is known for their quality and precision engineering globally, among many other positive attributes. It was wonderful to dine with the CEO of Volvo, Mr. Martin Lundsedt today and understand how their drive for quality and precision has made them one of the most revered companies," he said in a tweet.