Sumitomo to invest ₹2,345 crore in Karnataka’s steel and green energy projects

Karnataka is set to receive a major boost in its industrial and renewable energy landscape with Japanese conglomerate Sumitomo Corporation confirming significant investments in the state. Senior officials from the corporation, during discussions with the state leadership, announced plans to establish a greenfield steelmaking facility in Koppal district.

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The project, being executed through Mukand Sumi, a joint venture with the Bajaj Group, involves an investment of ₹2,345 crore. Construction of the advanced steel unit is expected to commence soon, with operations projected to begin by 2028. A notable aspect of the project is its commitment to sustainability, as the plant will be powered largely through renewable energy sources, aligning with Karnataka’s green industry goals.

 Interest in entering the state’s renewable energy sector

In addition to steelmaking, Sumitomo has also expressed interest in entering the state’s renewable energy sector more directly. The company is exploring the establishment of a biomass energy facility in the short term, further strengthening Karnataka’s renewable energy portfolio.

The Government of Karnataka has extended full support to the corporation’s initiatives, assuring facilitation across regulatory, infrastructure, and operational requirements. State officials have also encouraged Sumitomo to explore opportunities in other emerging sectors, emphasizing Karnataka’s potential as an investment hub for advanced manufacturing and clean energy.

This development reinforces the state’s position as a preferred destination for global investors seeking to expand in India while advancing sustainable industrial growth.