K'taka Industries Minister invites global chip and automotive tech companies to invest in state

Karnataka Minister for Large and Medium Industries and Infrastructure Development MB Patil has invited global semiconductor and automotive technology companies to invest in the state.

He held talks with a leading foundational technology solutions provider MKS Instruments and Irish-American automotive technology supplier Aptiv and discussed possibilities to deepen investment ties in the state in the semiconductor sector, according to a statement on Thursday.

Patil is leading a delegation comprising senior officials from the Department of Commerce and Industries to the US to attract investments across many sectors into the state. The delegation is largely showcasing Karnataka's prowess in semiconductors, aerospace and defence, auto and electric vehicles, space, and medical technology.

According to a statement put out by the minister's office, during his discussion with Aptiv, Patil invited the company to explore the possibility of setting up an R&D centre in Mysuru, and Hubballi-Dharward.

The development of a local supplier base for semiconductors, establishing connections with Original Equipment Manufacturers (OEM), and assembly, testing, marking, and packaging (ATMP) for Aptiv's products were actively discussed.

With MKS Instruments, the Minister discussed promising opportunities for technology advancement in vacuum and photonics along with the expansion of software engineering and the availability of a skilled workforce. The meeting also mulled over initiatives to establish connections with potential suppliers for MKS along with conversations regarding corporate tax rates, wages and intellectual property rights.

The delegation also held meetings with an American financial services company State Street on its potential for the growth of financial services assets, government support for banking licenses streamlining approval processes for Joint Ventures to improve ease of doing business, and assistance in talent acquisition for Global Capability Centers, the statement added.