The cabinet ministry of Karnataka approved the allocation of 140 acres of land at Bengaluru Signature Business Park (BSBP), located near Kempegowda Airport, for ₹780 crore to US-based semiconductor equipment major Applied Materials Inc. The cabinet suggested that the cost be pegged at ₹780 crore with the consideration of the land at ₹1,288 per sq ft. The business park is already emerging as a key destination for high-tech industries and occupies over 400 acres of land.

Law and parliamentary affairs minister HK Patil said the allocation was done on a lease-cum-sale basis subject to regulatory clearances and final pricing mechanisms after examining valuation norms aligned with guideline value. The decision is subject to statutory approvals.

The Karnataka government will review mechanisms of the disposal of the 267 acres of land remaining through diverse modes, which also includes competitive bidding and transaction advisers. It is also set to re-examine BSBP’s land disposal policy.

This decision comes in line with the state’s aggressive push to its semiconductor and advanced technology strategy while focusing on building global capacity centres, research and development, and design.

Karnataka now looks to solidify its position as the most favorable destination for tech giants globally and shaping the country’s future in semiconductors.

Published on May 1, 2026