What companies have promised to invest in Gujarat

Prime Minister Narendra Modi on Wednesday said the world looks at India as an important pillar of stability, a trusted friend, an engine of growth in the global economy, a technology hub for finding solutions and a powerhouse of talented youth.

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He also said that in the rapidly changing world order, India is moving forward as ‘vishwa mitra’ (friend of the world).

Speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit, which saw participation of state heads and top CEOs of private companies, Modi said all major rating agencies are of the opinion that India will be among the three largest economies of the world in the next few years.

Here’s a list of what corporate giants have promised to invest at the Vibrant Gujarat summit.

Reliance Industries

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Billionaire Mukesh Ambani on Wednesday said his company Reliance will set up India’s first and world-class carbon fibre facility at Hazira.

Speaking at the Vibrant Gujarat Summit in Gandhinagar, Ambani said Reliance was, is, and will always remain a Gujarati company.

“Reliance has invested over USD 150 billion (12 lakh crore) in creating world-class assets and capacities across India in last just 10 years.

“Of this, more than one third has been invested in Gujarat alone,” he said.

He said Reliance will contribute to making Gujarat a global leader in green growth.

“We will help Gujarat’s target to meet half of its energy needs through renewables by 2030.”

Reliance 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 that will make Gujarat the leading exporter of such goods and the company is ready to roll this out in the second half of 2024 itself, he said.

Adani Group

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Billionaire Gautam Adani on Wednesday announced an investment of over Rs 2 lakh crore in Gujarat, largely in building a green energy park that would be visible even from space.

Speaking at the Vibrant Gujarat Global Summit, he said the investment will create 1 lakh jobs.

Of the Rs 55,000 crore committed at the last summit, Adani Group has already spent Rs 50,000 crore, he said.

The apples-to-airport group is now building a green energy park in Kutch having a 30 GW capacity spread over 25 square kilometre which would also be visible from space, he added.

Since 2014, India has achieved a 185 per cent growth in GDP and 165 per cent growth in per capita income which is unparalleled given the geopolitical and pandemic-related challenges, Adani said.

Maruti Suzuki

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Maruti Suzuki India (MSI) will invest Rs 35,000 crore to set up its second manufacturing facility in Gujarat as it looks to ramp up annual production capacity to over 40 lakh units by 2030-31, Suzuki Motor Corporation President Toshihiro Suzuki said on Wednesday.

Speaking at the 10th Vibrant Gujarat Global Summit (VGGS), Suzuki said the plant would have an installed production capacity of 10 lakh units per annum.

“We will invest Rs 35,000 crore for the construction of a second car plant in Gujarat which would produce another one million units per year,” Suzuki said.

The new plant is expected to start operation in FY2028-29.

Details of location and the models to be produced will be shared in due course.

As a result, the annual production capacity in Gujarat will be 2 million (20 lakh) units — 10 lakh units at Suzuki Motor Gujarat and 10 lakh units at the second new plant, he added.

ArcelorMittal/Nippon Steel India

Lakshmi Mittal announced that ArcelorMittal Nippon Steel India (AM/NS India) is building the world’s largest single location integrated steel plant at Gujarat’s Hazira.

Mittal, the executive chairman of global steel major ArcelorMittal which operates the JV in India with Japan’s Nippon, said the plant will have a capacity of producing 24 million tonne of crude steel, and should be ready by 2029.

 Mittal said the company has signed an agreement for the second phase of the plant with the Gujarat government at the event.

Work on the first phase of the project, which started in 2021, is going on as per schedule and the first phase will be inaugurated by 2026, he said.

Tata group

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Tata Group is planning to build a huge semiconductor fab in Gujarat’s Dholera, and it will begin operations in 2024 itself, chairman N Chandrasekaran said on Wednesday.

He said the salt-to-software group is in the final stages of negotiations for the plant.

“Tata Group has also made a commitment, and is on the verge of concluding and announcing a huge semiconductor fab in Dholera, and we are about to complete these negotiations and start in 2024,” Chandrasekaran said.

The chairman also said the group will begin construction of a 20 gigawatt lithium ion storage battery factory in the state’s Sanand city in the next two months.

Simmtech

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South Korean semiconductor critical parts maker  Simmtech is preparing for another colocation investment with Micron, company Global CEO Jeffery Chun said on Wednesday.

In his address at the 10th Vibrant Gujarat Global Summit here, he said the company is ready to make “a significant investment in India and create thousands of job opportunities for high skilled talents in the state of Gujarat together with Micron”.

“The Vibrant Gujarat Global Summit 2024 showcases the global movement of creating a new supply chain network in a fast growing nation like India, and Simmtech as a company from Korea is very proud to be part of this movement to achieve a new milestone, making a prosperous Gujarat or self reliant India supply chain,” he said.

Chun further said,” We are now preparing for another round of colocation investment in India.”

Nvideis

Global computing major Nvidia on Wednesday said its partner Yotta is set to commission an “artificial intelligence data centre” in the GIFT City before end of March.

Speaking at the biennial Vibrant Gujarat Global Summit, Shankar Trivedi, senior vice president at Nvidia Global Field Operations, said the American company is partnering with Tata Group and Reliance Industries for setting up data centres.

The data centre being set up by Yotta, a Hiranandani Group company, will go live before March, he said.

DP World

Global logistics management and services firm DP World will build a container terminal in Gujarat and is committed to further investments in India, the company’s Chairman Sultan Ahmed bin Sulayem said on Wednesday.

Addressing the Vibrant Gujarat Global Summit here, he said the company will continue to partner with the Indian logistics sector and support manufacturing industries in Gujarat and the rest of India to make Indian goods globally competitive and accessible.

DP World started its operation in Gujarat in 2003 with opening of the Mundra International Container terminal, he said.

“We have invested in the state of Gujarat as well in other state in India, to the tune of $2.5 billion…” bin Sulayem said.