Karnataka Extends an Invitation to US Corporations for Investment in the State

28 Sep, 2023

Karnataka Extends an Invitation to US Corporations for Investment in the State

Respected Minister for Large and Medium Industries and Infrastructure Development, Mr. M.B Patil, extended a warm invitation to US-based aerospace company RTX Corporation (formerly Raytheon Technologies) and integrated satellite and terrestrial network provider Intelsat during his 12-day visit to the United States. Accompanied by senior officials from the industries department, including Dr. S. Selvakumar and Smt. Gunjan Krishna and Minister Patil explored opportunities for investment and collaboration with these prominent companies.

In discussions with RTX Corporation (formerly Raytheon Technologies), Minister Patil and the company's leadership explored potential partnerships, including strengthening supply chain connections and potential electronics manufacturing in Karnataka. RTX Corporation's subsidiary, Blue Canyon, expressed interest in collaborating with space industry startups, fostering technology collaborations, and working with government and educational institutions to nurture talent.

RTX Corporation, with a revenue of $67.1 billion, has had a presence in India for over 25 years, with R&D facilities, customer training centers, and operational and engineering units in Bengaluru. Minister Patil emphasized Karnataka's openness to expansion and collaboration opportunities for prestigious companies in the United States.

Additionally, the delegation engaged in discussions with Intelsat, a company with a rich history of collaboration with the Indian Space Research Organisation (ISRO). Intelsat explored the potential expansion of its Indian arm's operational scope, sourcing satellites from Indian space startups, and collaboration opportunities in software solutions and AI/ML in satellite communications. The possibility of establishing a global capability center in India was also considered as part of Intelsat's long-term planning.

At the US India SME Council Meet, Minister Patil interacted with CEOs from various sectors, sharing investment opportunities in Medtech, ITBT, education, automobile, A&D, and ESDM in Karnataka. He invited them to invest in the state and explore the abundant opportunities it offers for business growth. During this event, Minister Patil was honored with the Outstanding Business Promotion Award for his exceptional leadership in promoting business and investment for Karnataka's development.

The US India SME Council is a non-profit organization dedicated to fostering economic and business relations between the United States and India, with a focus on supporting small and medium-sized enterprises (SMEs).