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Gujarat vibrant as investment meet brings in Rs 7.5 lakh crore

At the inauguration of Vibrant Gujarat Global Investors' Summit 2009...

Written by Express News Service | Ahmedabad | Published: January 13, 2009 1:26:19 am

Day 1: 444 Mous pledged on power,economic zones,tourism,water management among others

At the inauguration of Vibrant Gujarat Global Investors’ Summit (VGGIS) 2009,India Inc was all praise for Chief Minister Narendra Modi and Gujarat. Industry majors like Tata,Birla,L&T,HCC and others pledged 444 memoranda of understanding (MoU) worth Rs 7,48,970 crore.

Ratan Tata,chairman,Tata group said,”We have recently shifted our prestigious Nano car plant to Gujarat. The company will invest Rs 21,000 crore more in the state. Besides,we will also set up a geo-thermal power plant.”

Most of the MoUs,in terms of value,were signed in the power sector and SEZs. Dr AK Balyan,Director HR,ONGC,pledged Rs 30,000 crore investments in Gujarat,of which Rs 17,500 crore would be for development of the Dahej SEZ and to set up wind power plant.

“We have pledged Rs 87,000 crore in the next 10 years to develop 10,000 MW thermal power plant,2 ports and one international standard SEZ,in association with Salim Group,” said Prasoon Mukherjee,Chairman,Universal Success Enterprise Ltd.

AM Naik,CMD,Larsen & Toubro,pledged Rs 25,000 crore in heavy machinery and manufacturing plants.

There was also plenty of praise for Chief Minister Narendra Modi and Gujarat. Some of the sobriquets that Modi earned on day one of the summit were ‘man of steel’,’lion of Gujarat’,’man with firm determination’ and so on.

Industry captains on Modi and Gujarat
KV Kamath,former chairman,ICICI
: “Growth is not an accident. It is made to happen. The chief minister has made it happen.”

Mukesh Ambani: “In Modi we have a leader with great vision. He has amazing clarity and a determination to succeed. This quality will help Gujarat have the place of pride not only in India but also the world.”

Ratan Tata: “In 2007,I had said if you are not in Gujarat you are stupid. I am very proud that I followed my own advice. The state’s ability to execute quickly is commendable.”

N Vittal,former chief vigilance commissioner: “Gujarat has the resonance to respond to the challenges.”

Some more announcements
Hindustan Construction Company Ltd
: Rs 40,000 crore in tourism and hospitality,water management and water infrastructure

State Bank of India: Rs 30,000 crore private equity fund for SMEs and setting up 45 branches in the state

Adani group: Rs.27,000 crore,to develop port and SEZs,power plant,power transmission network and education.

Birla: Rs 20,000 crore for fibre and telephony in the next three years

Cellular Operators Association of India: Rs 20,000 crore to be invested by the cellular industry as a whole

Suzlon: Rs 9,000 crore hi-tech SEZ for solar power

Sterling Biotech: Rs 6,000 crore in SEZ,power,university and an airport

Welspun:Rs 4,500 crore for expansion of the current facilities

* Videocon: Rs 4,000 crore for thermal power plant

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