Corporate commit Rs 15 lakh cr investment in Guj

Gandhinagar: The Gujarat government on Wednesday said it has got investment commitments totalling nearly Rs 15 lakh crore on the first day of industrial `mela` Vibrant Gujarat reflecting the state`s pristine position as a corporate destination.

With the likes of Anil Ambani-led Reliance Group and Ahmedabad-based Adani Group announcing mega investments, the state government said it signed a total of 2,766 commercial MoUs with business houses and companies today.

"The Gujarat government has signed 2,766 commercial MoUs with business houses and companies today totalling an investment of about Rs 15 lakh crore," Gujarat Principal Secretary for Industries and Mines M Sahu told reporters here.

The major sectors which attracted investments are power, special investment regions, mineral-based industries, banks and financial institutions and oil and gas, he added.

Elaborating on sectoral investments that the state is getting from the private players, he said the power sector attracted Rs 3,05,204 crore.

The special investment regions will see an investment of Rs 1,22,742 crore, while the mineral-based industries segment had Rs 1,34,645 crore.

Banks and financial institutions will see investment of up to Rs 1,72,400 crore coming in, while that of oil and gas is at Rs 40,679 crore.

Sahu said that on the final day of the two-day event, more MoUs are expected to be signed but investments would not be too big as they were on the first day of the event.

Notable among the investments announced today are Rs 80,000 crore by the Adani Group in port, power generation and infrastructure, followed by Anil Ambani-led Reliance Group`s Rs 50,000 crore plans in the state in the next 5-7 years on various projects in power and cement.

Similarly, conglomerate Essar Group said it will invest Rs 30,000 crore in Gujarat for projects in various sectors, including power and refinery.

Engineering and construction giant Larsen & Toubro also committed an investment of Rs 15,000 crore in Gujarat on infrastructure projects, while infrastructure major Hindustan Construction Company (HCC) also said it will invest Rs 12,000 crore to develop a renewable energy park in the state.

Farm equipment-to-software group Mahindra & Mahindra also signed six MoUs with the state government to invest Rs 3,000 crore to step up presence in the hospitality and real estate sectors in the state.

Auto maker General Motors also said it is investing USD 100 million (Rs 450 crore) to enhance production capacity at its Halol plant to 1,05,000 units annually from 85,000 units per year at present.

}