On the second day of the delegation’s visit to Seoul, South Korea, the Government of Karnataka has signed two Memorandums of Understanding (MoUs) totalling ₹1040 crore with DN Solutions and EMNI Co. Ltd. The delegation was led by Minister for Large and Medium Industries and Infrastructure Development, M.B. Patil. These strategic partnerships are set to advance the state’s manufacturing, research and development, and battery technology sectors.
Karnataka secured a ₹1,000 crore Investment from Seoul-based DN Solutions, which will be utilized towards establishing machine manufacturing facilities, a research and development centre, and a technical support centre for Indian manufacturing companies. This initiative will create approximately 350 jobs over the next 7-10 years, contributing to the state’s industrial growth. During the MoU signing, the minister discussed with senior executives from DN Solutions, including H.E. Ambassador Amit Kumar, Embassy of India, and Ramesh Iyer, Chairman of ICCK.
EMNI Co. Ltd, represented by Chang-Hoon Koh (CEO) commits Rs 40 Crore for Battery Technology Advancements and has signed an MoU worth Rs 40 Crores to invest in the storage, testing, and recycling of LG Energy Solution’s battery cells in Karnataka. This project is anticipated to generate 100 jobs and position Karnataka as a key player in the electric vehicle and energy storage markets.
The meetings were attended by Selvakumar S, IAS, Principal Secretary, Department of Commerce and Industries, and Gunjan Krishna, IAS, Commissioner for Industrial Development and Director, Department of Commerce and Industries.
These meetings were held with a ‘Roadshow on Investment Opportunities in Karnataka’ in Seoul, jointly organized by the GoK and the Indian Chamber of Commerce in Korea (ICCK). The roadshow highlighted Karnataka’s industrial ecosystem, investor-friendly policies, and business climate, attracting participation from over 45 companies, including Hyundai Welding Co. and Krafton.
Patil also met with Ministry of Trade, Industry, and Energy (MOTIE) representatives, Byung Nae Yang, Deputy Minister for Trade, Rano Lee, Deputy Director, of Asia Trade Division, Jee Hyung Lee, Assistant Director, Asia Trade Division and Byung Joo Kim, Assistant Director, Asia Trade Division. The discussions focused on enhancing trade relations, increasing investment volumes, and exploring synergies between Karnataka’s and Korea’s innovative ecosystems. The MOTIE Minister extended his support to facilitate business engagements between Korean companies and the Karnataka government, underscoring the mutual benefits of these strategic partnerships.
The delegation discussed with Lee Seong Woo, Vice President of the Korea Chamber of Commerce & Industries (KCCI) the body’s role in facilitating investments from Korean companies into other countries. They highlighted Karnataka’s potential as an investment destination due to its policy ecosystem, infrastructure, and ease of doing business. KCCI introduced its upcoming platform aimed at connecting companies and vendors, providing detailed information about investment projects, and identifying companies with potential investment plans.
The minister also invited DN Solutions, EMNI, and KCCI to participate in Karnataka’s Global Investors Meet, Invest Karnataka 2025. This platform will further explore specific investment opportunities and strengthen industrial ties between Karnataka and South Korea.