Big Investments: Torrent Group (Rs480 Bn) Welspun (Rs400 Bn), Zydus (Rs50Bn)

CM: Gujarat Allocates Rs2 Tn For Green Growth Sector Over Next 5 Years

Some of the big investors in Gujarat set together at the VGGS 2024

FinTech BizNews Service

Mumbai, January 13, 2024: Some of the leading companies have announced big ticket investment intentions for the state of Gujarat during the 10th Vibrant Gujarat Global Summit, that concluded on Friday after 3 days of hectic business activities.

Here are some of those big investments announced by the respective corporate groups.

Torrent: Ease Of Doing Business

According to Torrent Group Chairman, Sudhir Mehta, Gujarat has implemented industry-friendly initiatives, such as the abolition of octroi and the revival of the cooperative sector. The state government has formulated numerous progressive policies and institutionalized ease of doing business to attract investments. Mehta added that the Torrent Group is committed to contributing its best to nation-building. As part of this commitment, Torrent Group signed an MoU worth Rs48,000 crores with the Government of Gujarat.

Nayara Energy: Emerging Technology, Green Industries

Prasad Panicker, Chairman and Head of Refinery of Nayara Energy said that most of the MoUs signed in this summit are about areas like emerging technology and green industries which adds to the success of this event.  Expressing his happiness that Nayara has invested hugely in the state of Gujarat he said that more than 80% of the investment is done in the state of Gujarat out of the total planned investment.

Welspun: Green Energy & Plastic Sector

Chairman of Welspun Group B.K. Goenka informed about the MoUs signed worth Rs40,000 crore in the green energy and plastic sector.

Zydus: Biotech Products, Hospitals, Healthcare

Pankaj Patel, Chairman of Zydus Lifesciences said that 20 years ago the Vibrant Gujarat Global Summit was a dream, which today has proved to be an important step in the development journey of the state as well as the country.

Patel said that Zydus Group has signed MoUs worth Rs 5000 crore in biotech products, hospitals, and healthcare including medical devices.

Coin Of Rs 20, Postal Stamp, E-Coffee Table Book

Additional Chief Secretary, Industries and Mines Department S. J. Haider said that 35 countries joined as partners countries. This summit witnessed a total of 1,31,943 registrations out of which 3590 were foreign delegates. PM Narendra Modi also released a commemorative coin of Rs 20, a postal stamp, and an e-coffee table book during the inauguration of the Gujarat Global Trade Show. More than 150 seminars and programs were held with context to this summit. The summit primarily focused on Green MoUs and held special seminars on Renewable Energy, EVs, Green Hydrogen, Semiconductors, etc.

Rs30 Bn MOUs For J&K

Highlighting the positive transformation and progress in Jammu and Kashmir, Lieutenant Governor of Jammu and Kashmir, Shri Manoj Sinha mentioned that the state's new industrial policy has attracted an investment of Rs90,000 crore in a short period. During the VGGS summit, more than Rs3,000 crore worth of Memorandum of Understanding (MOU) have been signed between the investors and Industry and Commerce Department, Jammu and Kashmir.

Parshottam Rupala, Union Cabinet Minister of Fisheries, Animal Husbandry and Dairy, emphasized the substantial developmental opportunities inherent in Gujarat's extensive coastal fisheries sector. Additionally, he extended a formal invitation to industrialists, urging them to actively consider investments in this promising sector.

Chief Minister Bhupendra Patel declared that Gujarat is poised to become the country's Green Hydrogen Hub. The government has formulated a special land policy, dedicating 2 lakh hectares of wasteland in Kutch and Banaskantha districts for green hydrogen production. The Chief Minister emphasized the Prime Minister's commitment to green growth through clean and sustainable energy to meet the country's future energy demand. Gujarat, aligning with this vision, has allocated 2 lakh crore rupees for the green growth sector over the next five years.

Energy Minister Shri Kanubhai Desai highlighted Gujarat's advantages, including its extensive coastline, waterways, and strategic location. He emphasized Gujarat's commitment to providing essential facilities, positioning the state as a leader in renewable energy. Gujarat, he proudly stated, is a top destination for both overall and renewable energy investments MOUs were signed between the University of California, Berkeley, and the Government of Gujarat, GSPC and GIFT City, NTPC and GSPC, as well as GSPC and GPCL.

The government consistently supports Micro, Small, and Medium Enterprises (MSMEs). The path to building Viksit Bharat@2047 passes through Gujarat, said Union MSME Minister Shri Narayan Rane.

CEO and MD of Hester Biosciences, Rajiv Gandhi, stated that doing business in Gujarat has become very easy due to the business-friendly policies of the state government. He proudly declared, “I have also settled in Gujarat.”

Union Minister of State for AYUSH Shri Mahendra Munjpara, Union Minister of State for Communications Shri Devusinh Chauhan, Speaker of Gujarat Legislative Assembly Shri Shankar Chaudhary, Gujarat Industries Minister Shri Balvantsinh Rajput, Minister of State for Industries Shri Harsh Sanghvi, Minister of State for Cottage Industries Shri Jagdish Vishwakarma and members of the Gujarat state Cabinet, Navsari MP Shri C. R. Patil, senior officials of the Government of India and Gujarat, representatives of various countries participating in the summit, representatives of partner organizations, dignitaries from the industry sector and dignitaries attending the Vibrant Gujarat Summit, senior officials and citizens were present during the event.

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