Vibrant Summit ends with staggering 26.33 lakh crore investment pledges: Gujarat Government
The Hindu
The 10th edition of the Vibrant Gujarat Global Summit concluded on January 12 with Memorandums of Understanding (MoUs) for 41,299 projects, with potential investment proposals worth ₹26.33 lakh crore, being signed during the mega event.
The 10th edition of the Vibrant Gujarat Global Summit concluded on January 12 with Memorandums of Understanding (MoUs) for 41,299 projects, with potential investment proposals worth ₹26.33 lakh crore, being signed during the mega event.
On the concluding day, Gujarat-based Torrent Group announced investments of ₹47,350 crore in various projects, including around 4500 MW renewable energy projects, development of a solar park in North Gujarat, ramping up power distribution network in Gujarat and setting up hydrogen manufacturing facilities in the State.
“In line with our strategic priorities and encouraged by our positive experience of working in Gujarat, I am pleased to share that Torrent Group has signed 4 MOUs during Vibrant Gujarat 2024, entailing a total investment of ₹47,350 crores,” Sudhir Mehta, Chairman Emeritus of the diversified Torrent Group, said in his speech at the valedictory session.
Gujarat Chief Minister Bhupendra Patel posted on social media platform X that the biennial summit attracted huge investments in sectors like green hydrogen, renewable power, e-mobility, semiconductors and financial services and fintech at the GIFT city.
According to the Chief Minister, if the MoUs signed at the previous summit (scheduled for 2022 but postponed due to the COVID-19 pandemic) were added up, a total of 98,540 agreements with investment proposals worth more than ₹45 lakh crore were inked in 2022 and 2024.
As per details registered on the official investor facilitation portal (IFP), MoUs for a total of 98,540 projects with proposed investments of ₹45.20 lakh crore were inked during the period between the conclusion of the 9th and 10th editions of the summit.
These included 21,536 large sector proposals making an investment intention of ₹43.24 lakh crore, and 77,004 pacts envisaging capital infusion of ₹19.58 lakh crore.
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