Vibrant Gujarat Summit: On first day, Rs 7 lakh crore investment promised — who and how muchhttps://indianexpress.com/article/business/vibrant-gujarat-summit-on-first-day-rs-7-lakh-crore-investment-promised-who-and-how-much-5545848/

Vibrant Gujarat Summit: On first day, Rs 7 lakh crore investment promised — who and how much

Vibrant Gujarat Summit: By the end of the day, the Gujarat government announced that around 130 MoUs with investment commitments worth over Rs 56,000 crore were signed in various sectors, a majority of which were signed in the port and transport sectors.

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Vibrant Gujarat Summit: The promised investments were announced for varied sectors, ranging from renewable energy, power and gas distribution to data centre park and hybrid motors. (Express photo: Javed Raja)

From Mukesh Ambani to Gautam Adani, the leading business tycoons pledged investment of over Rs 7 lakh crore in Gujarat on the inaugural day of the ninth edition of Vibrant Global Gujarat Summit here on Thursday. The promised investments were announced for varied sectors, ranging from renewable energy, power and gas distribution to data centre park and hybrid motors.

By the end of the day, the Gujarat government announced that around 130 MoUs with investment commitments worth over Rs 56,000 crore were signed in various sectors, a majority of which were signed in the port and transport sectors.

Reliance Industries: Rs 3 lakh crore

Chairman of Reliance industries Mukesh Ambani committed to invest Rs 3 lakh crore in various projects in the next 10 years in Gujarat, ranging from energy and petrochemical to new technology and digital business sectors.

“We have invested nearly Rs 3 lakh crore in the state, so far, and created and catalysed over one million livelihood opportunities. In comparison to the past decades, Reliance will double this investment and employment numbers over the next 10 years,” Ambani said.

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“As the world moves towards electrical vehicles, Reliance will use hydrocarbons less for fuel and more for producing high-value new materials with a wide range of uses in society,” he said, adding that the oil to chemicals strategy will greatly boost exports and create employment.

Adani: Rs 55,000 crore investment in 5 years

Gautam Adani, the head of Adani Group, promised to invest Rs 55,000 crore and create 50,000 new direct and indrect jobs in Gujarat in the next five years. The projects in which the business group would invest include the world’s largest solar park, a copper plant, a cement unit, and a lithium battery manufacturing complex. Adani also announced its plan to set up a 1-GW Data Center Park in Mundra.

“Over the next 5 years, our investments will include the world’s largest solar hybrid park in Khavda. The anticipated investment in this park is Rs 30,000 crore. We also plan to establish a one million ton copper smelting and refining project, a cement and clinker manufacturing unit in Lakhpat, an integrated Lithium battery manufacturing complex and expand our photovoltaic manufacturing capabilities. Overall, we anticipate a total of

Rs 55,000 crore of investment in all these projects,” he said.

This will lead to the creation of over 50,000 new direct and indirect jobs in the state, he added.

Meanwhile, the government said that it has signed an MOU with Adani Group with an intended cumulative investment of Rs 3,500 crore across three projects — development of a captive jetty at Kori Creek, cargo handling terminal at Mundra and Ro-Ro ferry facility at Mundra.

Aditya Birla Group: Rs 15,000 cr in 3 years

Aditya Birla Group plans to invest Rs 15,000 crore in the state over the next three years on capacity expansion and setting up of new units, its chairman Kumar Mangalam Birla said on Friday at the Vibrant Gujarat Summit.

The group will be making these investments in various business segments ranging from textiles and chemicals to mining and minerals.

Birla said that until now the group’s investments in Gujarat “are of over Rs 30,000 crore and counting”. “We have plans to invest about Rs 15,000 crore more. This is towards expansion of our capacities, setting up of new plants,” he said.

Elaborating the investment plans, he said, “Among our major expansion is with Grasim viscose staple fibre plant at Vilayat and Indian Rayon viscose filament yarn plant at Veraval. These will entail investments of Rs 7,500 crore.” The group currently has 15 manufacturing plants providing employment to around 26,000 people. “All of these investments together run up to Rs 15,000 croe over a three year period,” Birla said.

Torrent group to invest Rs 10,000 crore

Torrent group on Friday said that it will invest Rs 10,000 crore in renewable energy, power and gas distribution businesses in Gujarat. Torrent group chairman Sudhir Mehta said that it has so far invested Rs 30,000 crore in the state in power and pharmaceutical sectors.

“Today, we are committing further investment of more than Rs 10,000 crore across renewable energy, power distribution and gas distribution businesses,” Mehta said at the Vibrant Gujarat Global Summit here.

At present, Torrent Power has a thermal power generation capacity of 3,152 MW through a mix of coal and gas-based power plants. In the renewable energy segment, it has 448.5 MW operational plants with another 1,111 MW under construction.

Boost to hybrid cars from Suzuki, Tata

Japanese auto maker Suzuki Motor Corporation on Friday said it will commission its third plant at Gujarat by 2020 and will aggressively introduce new hybrid vehicles in India with technical support from Toyota. The Tata group also said that it plans to invest in lithium ion battery manufacturing in Gujarat.

Suzuki Motor Corporation (SMC) president Toshihiro Suzuki also sought an enabling policy support from the government to further invest in localisation of components of hybrid and electric vehicles.

SMC is currently constructing automotive lithium-ion battery manufacturing plant at Hansalpur in the state. “In addition to lithium-ion battery, we will localise other components required for vehicle electrification,” he added.

SMC is making investments in Gujarat on a continuous basis. The first vehicle assembly plant of Suzuki Motor Gujarat was inaugurated in September 2017, he said. “The second plant will start shortly. We plan to commission the third assembly plant in 2020,” Suzuki said.

Tata group chairman N Chandrasekaran Friday said that the conglomerate is looking forward to invest more in the state. Tata Motors’ plant at Sanand rolls out Tigor electric car besides manufacturing other models such as hatchback Tiago, compact sedan Tigor and Nano. “We want to make further investments, not only in manufacturing electric vehicles, but also in lithium ion battery projects here,” Chandrasekaran added.

He further said, “We are in discussions with the state government for significantly increasing our capacity of Tata Chemicals to reach one million (10 lakh) tonnes of soda ash.”

MoUs worth Rs 56,000 crore inked on Day 1

The Gujarat government has signed around 130 MoUs with investment commitments worth over Rs 56,000 crore in various sectors on the first day of the Vibrant Gujarat Global Summit here on Friday, said officials.

A majority of the MoUs, also called Investment Intentions (IIs), were signed in the port and transport sector. (See China MoU on right)

A key MoU was signed with Petronet LNG Ltd with an intended investment of Rs 2,100 crore for expansion of their existing LNG Port Terminal at Dahej, said Sunaina Tomar, principal secretary, state port and transport department. (See box above)

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Another MoU was signed with HPCL Rajasthan Refinery Ltd with an intended investment of Rs 1,400 crore for development of Single Point Mooring System and Crude Oil Terminal at Mandvi. An MOU was signed with HPCL with an intended investment of Rs 1,350 crore for LPG import facilities.

—With PTI Inputs