Vibrant Summit promises investments in abundance for Gujarat
Business leaders presented their investment plans at the inauguration of Vibrant Gujarat Global Summit
Updated: Jan 11th, 2024
As the 10th edition of Vibrant Gujarat Global Summit (VGGS) 2024 kicks off, the world of business has taken to Gujarat’s capital, Gandhinagar.
At the inauguration on Jan 10, business leaders presented their investment plans.
Reliance to go green?
Reliance Group chairperson Mukesh Ambani said that Reliance will contribute to making Gujarat a global leader in ‘green growth’.
The chairperson and managing director of Reliance Industries Limited (RIL), Ambani said, “We will help Gujarat’s target to meet half of its energy needs through renewable energy by the year 2030. For this, we have started building the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar.”
“This will generate a large number of green jobs and enable production of green products and materials and will make Gujarat a leading exporter of green products. And we are ready to commission this in the second half of 2024 itself,” he added.
He also mentioned that Gujarat has become a 5G-enabled state which will help to increase productivity of the state’s economy.
Ambani added that there are plans to produce AI enabled doctors, AI enabled teachers and AI enabled farming, which will revolutionise healthcare, education and agricultural productivity.
He said that Reliance is setting up India’s first and world-class carbon fibre facility at Hazira.
Gujarati by heart
“Today, let me declare yet again: Reliance was, is, and will always remain a Gujarati company. Each of Reliance’s businesses is striving to fulfil the dreams of my seven cr fellow Gujaratis,” he added.
“Reliance has invested over $150 billion (₹12 lakh cr) in creating world-class assets and capacities across India in the last 10 years. Of this, more than one third has been invested in Gujarat alone.”
Maruti Suzuki’s second plant
The joint venture of Japanese carmaker Suzuki Motor and Maruti Udyog is all set to build a second car plant in Gujarat.
Toshihiro Suzuki, president of the company said at VGGS that Suzuki Motor will invest ₹35,000 cr to build a second car plant in Gujarat.
Maruti Suzuki already has one manufacturing unit in Mehsana’s Becharaji since 2017.
“The new plant will produce one million units a year as a result of which the company’s annual production in Gujarat will become two million units,” Suzuki said.
The company is also setting up a new manufacturing plant at Sonipat in Haryana, on the outskirts of Delhi, with an investment of ₹11,000 cr to expand production.
Tata lands in Dholera
Announcing their bid for chip manufacturing in Gujarat, Tata Group announced plans to build a semiconductor fabrication plant in Gujarat.
Tata Sons chairperson N Chandrasekaran said that they are on the verge of finalising and announcing a substantial semiconductor fabrication plant at Dholera.
“We are about to complete negotiations for the semiconductor fab and start in 2024,” he told the gathering.
The company is also likely to commence the construction of a 20 gigawatts battery storage factory in Gujarat within the next few months.
In September last year, US-based Micron Technology started the construction of a ₹22,500 cr facility in Sanand, Gujarat.
The engineering major Larsen & Toubro (L&T) has also announced to invest up to ₹830 cr to build a fabless semiconductor chip design subsidiary.
Sanjay Mehrotra, CEO of Micron, said that the first phase of his company’s semiconductor facility in Gujarat covering an area of 500,000 sq feet will be operational by early 2025 thereby creating 5,000 direct jobs and 15,000 additional community jobs over the coming years.
ArcelorMittal’s crude steel production
Lakshmi Mittal, chairperson of ArcelorMittal, said the Hazira site of ArcelorMittal Nippon Steel (AM/NS India) will be one of the world’s largest single-location integrated steel plants with a total capacity of 24 MTPA (million tonnes per annum) of crude steel production.
“We continue to invest not only in steel but also in emerging sectors like renewable energy and green hydrogen,” Mittal said.
Highlighting the importance of steel he said that steel supports a range of applications across sectors such as infrastructure, urbanisation, renewables, automotive including electric vehicles, defence, and railways.
Paytm to invest ₹100 cr in GIFT City
One97 Communications Limited (OCL) that owns payments and financial services company Paytm, announced an investment of ₹100 cr in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem.
The company will make the investment over a period of time and will seek requisite approvals for the same.
The company said it will replicate its success to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence (AI).
Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone.
“The strategic investment in GIFT City represents a pivotal step towards building an artificial intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities,” said Vijay Shekhar Sharma, founder and CEO, Paytm.
Adani’s manifesto
Gautam Adani, chairperson at Adani Group said that over the next five years, they will invest over ₹2 lakh cr in Gujarat ($25 bn), thereby creating over 1,00,000 direct and indirect jobs.
Adani announced the construction of the world’s largest green energy park in Khavda, Kutch, generating 30 GW of renewable energy over 725 square km.
(Compiled from IANS)
-Edited for length and style
