Gujarat signs MoU with Shell Energy to invest ₹3,500 cr projects in the state
A 1200-acre renewable energy plant to be set up in Banaskantha
EV recharge stations at multiple locations in Gujarat
Updated: Aug 24th, 2023
In an attempt to invigorate Gujarat’s growth landscape, Shell Energy India Private Limited has formalised a ₹3,500 crore Memorandum of Understanding (MoU).
The MoU outlines investments, notably ₹2,200 crore for a renewable energy venture creating jobs by 2026, bolstering the state’s growth.
The signing ceremony took place in Gandhinagar, in the presence of CM Bhupendra Patel and minister of state for industries, Harsh Sanghvi.
The MoU was formally signed by Mamta Verma, principal secretary of the energy department, on behalf of the state government, and Rahul Singh, managing director of Shell Energy, representing the company.
A 1200-acre renewable energy plant in Banaskantha
The MoU commits Shell Energy India Private Limited to invest ₹2,200 crore in establishing a renewable energy production facility spanning 1200 acres in Banaskantha, North Gujarat.
The plant is anticipated to generate both direct and indirect employment for over 1,000 individuals and is projected to commence commercial operations by 2026.
EV recharge stations at multiple locations in Gujarat
Additionally, the energy company has allocated ₹800 crore for EV recharge stations in multiple locations throughout the state, potentially offering employment to approximately 2,000 people. This project’s operationalization is anticipated by 2027.
Other investments and job creation
The third phase of the agreement entails a ₹500 crore investment in the LNG Regasification Terminal, Asset Integrity Rejuvenation, and Debottlenecking project. Expected to commence commercial production by 2027, this initiative could create job opportunities for 375 individuals.
Altogether, the four phases of the Vibrant Gujarat initiative have concluded fourteen MoUs, totalling investments worth ₹3,874 crore. These ventures are forecasted to yield more than 9,500 potential employment opportunities, spanning sectors including textiles, engineering, pharmaceuticals, and chemicals.
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