Investments of Rs 7.17 Trillion Sealed Before Vibrant Gujarat Summit
Gujarat has signed initial investment agreements with 58 companies, amounting to an impressive Rs 7.17 trillion (approximately $86.07 billion). These agreements cover a wide array of sectors, such as energy, oil and gas, and chemicals, as per the state government's statement.
The signing of these agreements precedes the forthcoming Vibrant Gujarat Global Summit, a biennial event that has garnered global attention for investment and development initiatives, positioning Gujarat as a key player. Set to take place in the state capital Gandhinagar from January 10-12, the summit is a pivotal occasion attracting significant domestic and international investment attention.
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 gigawatts (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, a significant player, has pledged an investment of Rs 474 billion ($5.69 billion). This investment initiative encompasses the establishment of solar power projects with capacities of 3,450 MW and 7,000 MW, alongside the construction of green hydrogen and ammonia manufacturing facilities. Furthermore, the company aims to enhance distribution networks in crucial cities such as Ahmedabad and Surat.
