Investment deals worth Rs 7.17 tn signed ahead of Vibrant Gujarat summit
Gujarat has inked preliminary investment agreements totalling a staggering Rs 7.17 trillion (approximately $86.07 billion) with 58 companies. These deals span a diverse range of sectors, including energy, oil and gas, and chemicals, according to the state government's announcement.
IANS
Jan 3, 2024 10:53
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Gandhinagar, Jan 3 (IANS) Gujarat has inked preliminary investment agreements totalling a staggering Rs 7.17 trillion (approximately $86.07 billion) with 58 companies. These deals span a diverse range of sectors, including energy, oil and gas, and chemicals, according to the state government's announcement.
The agreements were signed in anticipation of the upcoming Vibrant Gujarat Global Summit, a biennial event that has put Gujarat on the global map for investment and development activities.
Scheduled to be held in state capital Gandhinagar from January 10-12, the summit is a cornerstone event that draws substantial domestic and international investment interests.
Among the notable agreements, NTPC Renewable Energy Limited stands out with its proposal to invest Rs 900 billion ($10.80 billion). This investment is aimed at establishing 15 gigawatt (GW) renewable energy parks and projects, primarily to support the agricultural sector's power needs, said a senior official from the Industries Department.
The NTPC also has ambitious plans for an additional investment of Rs 700 billion ($8.40 billion). This funding is earmarked for a range of innovative projects, including fuel cell electric vehicle mobility, hydrogen blending with natural gas, and the production of green chemicals like ammonia and methanol. It is also focusing on 5 GW hydrogen-based energy storage projects.
Torrent Power, another major player, has committed to invest Rs 474 billion ($5.69 billion). The investment plan includes the creation of solar power projects with capacities of 3,450 MW and 7,000 MW, along with the development of green hydrogen and ammonia manufacturing plants.
Additionally, it plans to expand distribution networks in key cities like Ahmedabad and Surat.
