Tesco and Rolls-Royce Boost Karnataka Economy with New Investments

Tesco plans a new distribution center in Karnataka, creating 15,000 jobs. Rolls-Royce is eyeing fresh investments in the state. The moves follow the India-UK Free Trade Agreement, expected to significantly boost bilateral trade. Karnataka aims to leverage its tech capabilities and industry-friendly policies to attract further UK investments.

UK-based retail giant Tesco is set to establish a new distribution center in Karnataka, aiming to create 15,000 jobs, according to Large and Medium Industries Minister M B Patil. The minister emphasized the positive impact of upcoming investments as part of the India-UK Free Trade Agreement.

In addition to Tesco's plans, UK engineering major Rolls-Royce is considering fresh investments in the state. The Karnataka government is preparing to expedite all necessary processes to welcome these new ventures, reinforcing the state's commitment to enhancing industrial growth.

Minister Patil announced these developments during an event at the British Deputy High Commission, celebrating the signing of the India-UK FTA. This agreement is projected to increase bilateral trade by about Euro 25 billion annually, potentially doubling trade volumes by 2030. With this trade boost, both nations anticipate more affordable products and greater market access.

(With inputs from agencies.)