Gujarat attracts Rs 20.83 lakh cr investment in 2 days

Gujarat Chief Minister Narendra Modi said the state has been able to attract investments to the tune of Rs 20.83 lakh crore during the two-day long Vibrant Gujarat Summit.

Speaking at the final session of the summit, Modi said as many as 7,936 MoUs were signed by the state government with several industrial houses to invest in the state.

On the first day of the summit, the state government had said it got investment commitments totalling nearly Rs 15 lakh crore with 2,766 MoUs signed with business houses and companies.

Leading among those which announced mega investments in the state were Anil Ambani-led Reliance Group and Ahmedabad-based Adani Group.

While Adani Group said it would invest Rs 80,000 crore (Rs 800 bllion) in port, power generation and infrastructure, Anil Ambani-led Reliance Group said it would pump in Rs 50,000 crore (Rs 500 billion)in the state 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 (Rs 300 billion)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 (Rs 150 billion) in Gujarat on infrastructure projects, while infrastructure major Hindustan Construction Company (HCC) also said it will invest Rs 12,000 crore (Rs 120 billion) 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 (Rs 30 billion) to step up presence in the hospitality and real estate sectors in the state.

Auto maker General Motors also said it is investing $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.

According to Gujarat Principal Secretary for Industries and Mines M Sahu, major sectors which attracted investments are power, special investment regions, mineral-based industries, banks and financial institutions and oil and gas.