Top businessmen from India and overseas announced a flurry of investment deals at the 10th Vibrant Gujarat Global Summit, which commenced on Wednesday in the state capital Gandhinagar.
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Indian and foreign investors and business leaders have expressed interest in setting up new projects in new-age industries such as green hydrogen, renewable energy, semiconductors and E-mobility, data centres and fintech and logistics and supply-chain networks.
Mukesh Ambani of Reliance Industries announced that a new renewable factory spread on 5,000-acre in Jamnagar will become operational in 2024. He added in the last 10 years, Reliance has invested more than ₹12 lakh crore in creating world-class assets in the country and a third of that investment has been made in Gujarat, making the Reliance a ‘Gujarati company.’
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To make Gujarat a leader in green growth, Reliance has started building the Dhirubhai Ambani green energy giga complex over 5,000 acre in Jamnagar.
Mr. Ambani said the complex would generate a large number of green jobs and enable production of eco-friendly products and materials and would make Gujarat a leading exporter of such products. The company expects to commission the energy complex in the second half of 2024.
Gautam Adani announced investments of ₹2 lakh crore in Gujarat in the next five years, focused primarily on the development of a green energy park in Kutch, which, he said, would be be visible from space. He added that one lakh jobs will be created by the group in the state.
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Tata Group Chairman N. Chandrasekaran announced plans to build a large semiconductor fabrication facility (fab) in Gujarat’s Dholera. It is expected to commence construction in 2024. The group is in the final stages of negotiations for the plant, marking a significant move into chip manufacturing sector.
Japanese auto maker Suzuki also announced major deals to expand its operations in the state. Toshihiro Suzuki, President of Suzuki Motor Corporation, said the Suzuki Group will invest ₹35,000 crore to set up a new plant in Gujarat and ₹3,200 crore to add a new fourth production line in the existing SMG plant.
The expansion comes in line with the automaker’s long-term plan of bringing 10 new models to the market by FY 2030-31.
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UAE based global logistics management and services firm DP World will build a container terminal in Kutch in Gujarat, the company’s Chairman Sultan Ahmed bin Sulayem said at the Vibrant Gujarat Summit.
The company plans to make new investments to the tune of ₹25000 crore in next few years in logistics and related infrastructure in the state.
“DP World is planning in the next few years to invest in addition to the $3 billion. We will continue to support Gujarat economy by building a state of the art container terminal at Kandla with a capacity of 2 million containers,” he added.
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Another foreign investor Global computing major Nvidia announced that its partner Yotta is set to commission an artificial intelligence data centre in Gujarat International Finance Tec-City before the end of March 2024.
Global steel maker Lakshmi Mittal announced that ArcelorMittal Nippon Steel India is constructing the world’s largest single-location integrated steel plant in Gujarat’s Hazira. The plant, with a capacity of 24 million tonnes of crude steel, is expected to be operational by 2029.
It may be noted that the ArcelorMittal Nippon Steel had taken over the existing steel factory from Essar group through IBC process.
Besides, Essar, Torrent and Wellspun groups also made announcements for investments in sectors like green hydrogen, power, renewable energy and port sector in the state.