Ahmedabad: A month after after singing $18.75 billion investment deal, the Gujarat government on Wednesday entered into agreement with 58 companies, willing to invest about ₹7.17 trillion ($86.07 billion) in the state in multiple sectors including energy, oil and gas and chemicals.
The agreements for investment were signed ahead of the three day biennial Vibrant Gujarat Global Summit, which is scheduled to take place in Gandhinagar, beginning January 10, said the state government officials.
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NTPC Renewable Energy Limited (NTPC-REL) committed an investment of ₹900 billion ($10.80 billion) for development of renewable energy parks to generate 15 gigawatt (GW) clean power to meet the agricultural sector’s power consumption needs. The company also seeks to invest ₹700 billion ($8.40 billion) for fuel cell electric vehicle mobility, hydrogen blending with natural gas, production of green chemicals such as ammonia and methanol, and 5GW hydrogen-based energy storage projects in the state.
Officials of the state industries department further claimed that Torrent Power has also committed to invest ₹474 billion ($5.69 billion) to execute various solar power projects with installed capacity of 3,450 MW and 7,000 MW respectively, besides production of green hydrogen, setting up ammonia manufacturing plants and building distribution networks in cities including Ahmedabad and Surat.
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The state government as well as Prime Minister Narendra Modi are awaiting eagerly for the biennial summit, which is expected to draw a record number of foreign and domestic investors to Gujarat, which happens to be home state of the Prime Minister. The BJP is also looking for the summit to kick start its Lok Sabha campaign in the state.
A section of the BJP leaders said that the Prime Minister’s big push to promote investment in state months ahead of its national election will help Modi rebuild a pro-development image in the midst of allegations of promoting only a handful entrepreneurs, allegedly close to him.
