The Karnataka Cabinet has approved the allocation of 140 acres of land to American semiconductor equipment major Applied Materials Inc. at the Bengaluru Signature Business Park (BSBP), situated near Kempegowda International Airport.
The deal is valued at Rs 780 crore, with land priced at Rs 1,288 per square foot.
Law and Parliamentary Affairs Minister HK Patil said the land has been allotted on a lease-cum-sale basis, subject to regulatory clearances and final pricing aligned with guideline valuation norms.
The allocation still requires statutory approvals before it is finalised.
BSBP, which spans over 400 acres, is fast emerging as a hub for high-technology industries in Bengaluru's northern corridor.
The state government is also set to review how the remaining 267 acres within the park will be disposed of, with options including competitive bidding and the appointment of transaction advisers.
A broader re-examination of BSBP's land disposal policy is also underway.
Applied Materials is one of the world's largest suppliers of equipment used in semiconductor fabrication.
Its expansion in Bengaluru is expected to strengthen Karnataka's position in the global semiconductor ecosystem, adding to the state's growing cluster of chip design, research and development and advanced manufacturing operations.
The approval fits into Karnataka's broader strategy of positioning itself as India's leading destination for semiconductor and advanced technology investments.
The state has been actively courting global technology firms to set up capacity centres and R&D facilities, aiming to play a central role in India's semiconductor ambitions.
With this allocation, Karnataka is looking to reinforce its appeal to global tech majors and cement its role in shaping the country's future in the semiconductor industry.