Karnataka govt secures Rs 1,040 cr investment from Korean firms DN Solutions and EMNI

NEW DELHI: The Karnataka government has inked two Memorandums of Understanding (MoUs), totalling Rs 1040 crore, with DN Solutions and EMNI Co. Ltd.

These agreements were signed in Seoul, South Korea, on Tuesday, during a delegation led by Minister for Large and Medium Industries and Infrastructure Development, MB Patil.

DN Solutions has committed a substantial investment of Rs 1,000 crore towards bolstering Karnataka’s manufacturing capabilities. This investment will establish state-of-the-art machine manufacturing facilities, a research and development centre, and a technical support hub for Indian manufacturing firms.

The initiative is expected to generate approximately 350 jobs over the next 7-10 years, marking a significant boost to the state’s industrial growth. MB Patil engaged in productive discussions with senior executives of DN Solutions Co., Ltd., including ambassador Amit Kumar and Ramesh Iyer, chairman of ICCK.

EMNI Co. Ltd., represented by CEO Chang-hoon Koh, has signed an MoU worth INR 40 Crores to advance battery technology in Karnataka. This initiative focuses on the storage, testing, and recycling of LG Energy Solution’s battery cells, crucial for the electric vehicle and energy storage sectors. The project anticipates creating 100 new jobs, further enhancing Karnataka’s prominence in cutting-edge technology sectors.

We met with MOTIE to discuss strengthening the Karnataka-Korea collaboration. Highlighting Bengaluru’s business potential and fostering cross-industry partnerships, we aim to solidify bilateral ties, attract Korean investment, and boost trade volumes. MOTIE is committed to… pic.twitter.com/2d2jvZF2Tq

— M B Patil (@MBPatil) July 2, 2024

The MoU signings were preceded by a ‘Roadshow on Investment Opportunities in Karnataka’ in Seoul, jointly organized by the Karnataka government, the Embassy of India, and the Indian Chamber of Commerce in Korea (ICCK).

This event showcased Karnataka’s robust industrial ecosystem, investor-friendly policies, and progressive business climate, drawing participation from over 45 prominent companies including Hyundai Welding Co. and Krafton.

Ministerial discussions with MOTIE (Ministry of Trade, Industry, and Energy) officials, led by Deputy Minister Byung Nae Yang, focused on strengthening bilateral trade relations and fostering mutual investments between Karnataka and South Korea. MOTIE pledged support to facilitate business engagements, emphasizing the strategic benefits of collaboration between the two regions.

MB Patil met with Lee Seong Woo, Vice President of the Korea Chamber of Commerce & Industries (KCCI), highlighting Karnataka’s potential as an investment destination. Discussions centered on KCCI’s role in promoting investments and connecting Korean companies with opportunities in Karnataka’s dynamic industrial landscape.

Patil invited DN Solutions, EMNI, and KCCI to participate in Karnataka’s forthcoming Global Investors Meet, Invest Karnataka 2025. This platform will further explore tailored investment opportunities, cementing Karnataka’s position as a global hub for industrial growth and innovation. (ANI)