Vibrant Gujarat Summit: Two Chinese firms to invest Rs 21,400 crore in Dholera SIRhttps://indianexpress.com/article/business/vibrant-gujarat-summit-two-chinese-firms-to-invest-rs-21400-crore-in-dholera-sir-5545840/

Vibrant Gujarat Summit: Two Chinese firms to invest Rs 21,400 crore in Dholera SIR

"The company is an emerging electrical vehicle battery producer and is considering to set up an electrical battery plant in Dholera to cater to the fast developing auto industry in India," said Jai Prakash Shivahare, managing director, Dholera SIR.

Vibrant Gujarat Summit: Two Chinese firms to invest Rs 21,400 crore in Dholera SIR
Prime Minister Narendra Modi inaugurated the 9th edition of Vibrant Gujarat Summit 2019 in Gandhinagar on Friday. (Express photo: Javed Raja)

Chinese firms on Friday promised to invest Rs 21,400 crore at Dholera Special Investment Region (SIR) in Gujarat in the next three years. Among the projects in which it will invest include an electrical battery plant and a metrorail coach factory.

Tsingshan Holding Group, a China-based Fortune 100 steelmaker, said that it would to invest USD 3 billion (Rs 21,000 crore) in Dholera SIR. The investment will be made in conjunction with their Indian JV partner Chromeni Steel.

The company is currently involved in setting up of a major stainless steel complex in Mundra in Kutch district. “The company is an emerging electrical vehicle battery producer and is considering to set up an electrical battery plant in Dholera to cater to the fast developing auto industry in India,” said Jai Prakash Shivahare, managing director, Dholera SIR.

An MOU was also signed between Dholera Industrial City Development Limited (DICDL) and CRRC Nanjing Puzhen Co. Ltd of China for manufacturing of metro rolling Stocks. “The CRRC intends to establish the plant with all required facilities at about of Rs 400 crore and employment generation of about 450 people,” Shivhare added.

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Another MOU was signed between Dholera Special Investment Regional Development Authority (DSIRDA) and Torrent Power Limited for creating distribution network within Dholera SIR. Accordingly, a capital expenditure of Rs 1,000 crore is being planned over a period of the next five years to meet the required demand as per the development plan.

The DSIRDA also signed an MOU with the National Highway Authority of India (NHAI) for the construction of a 100-km expressway between Ahmedabad and Dholera under the Bharatmala programme. Meanwhile, Airports Authority of India will be joining as the majority stakeholder with 51% equity stake in the Dholera airport project. An MoU to this effect was signed with the Government of Gujarat.