Chevron to invest Rs 8,300 crore in Bengaluru, make it new R&D hub for Innovation  

Karnataka is fast becoming a magnet for global investments, with the state government projecting that by 2030, around 330 Global Capability Centres will be established, potentially creating one million jobs. These developments underscore Karnataka’s growing importance as a hub for innovation and manufacturing on the global stage. 

Chevron Corporation is poised to make a significant mark in India with its latest investment announcement. The global oil and gas giant is set to pour Rs 8,300 crore into establishing a state-of-the-art research and development (R&D) hub in Bengaluru, according to a recent statement by Karnataka’s industries minister, M B Patil, on the social media platform X. 

This new venture, aptly named the ‘Engineering & Innovation Excellence Center (ENGINE)’, will be Chevron’s most extensive technology center outside the United States. Located in the burgeoning tech hub of Bellandur, the facility is expected to create 600 engineering jobs. Chevron’s focus will be twofold: enhancing technological solutions for its existing global operations while also spearheading innovation in the burgeoning field of lower-carbon energy. 

Akshay Sahni, the newly appointed country head for Chevron in India, emphasized the transformative nature of this investment on the company’s website. “It is India’s time,” he declared, underscoring the pivotal role Bengaluru’s rich pool of scientific talent will play in addressing current energy challenges and developing tomorrow’s sustainable energy solutions. Sahni’s words reflect the optimism and ambition Chevron holds for its Indian venture, seeing it as a key player in the global energy transition. 

Chevron’s announcement comes on the heels of other major investment moves in Karnataka. Just last week, Taiwanese tech giant Foxconn unveiled plans to invest Rs 22,000 crore in the state. The company, known for manufacturing iPhones, aims to establish a vast manufacturing facility near DoddaBallapur, expected to generate 40,000 jobs.  

Additionally, Foxconn has shown interest in exploring opportunities in electric vehicle component manufacturing. Further bolstering Karnataka’s industrial landscape, Bestec Group, a power electronics firm, recently announced plans to set up a manufacturing unit with an investment of Rs 200 crore.