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As Gujarat’s mega investment congregation, Vibrant Gujarat Global Summit (VGGS) approaches, as many as 20 companies including six listed companies have inked memorandums of understanding (MoUs) worth ₹24,185 crore.
The listed players included chemicals majors Kiri Industries Ltd, Meghmani Organics and Meghmani Finechem Ltd, Borosil Renewables and Borosil Ltd, electrical equipment maker KEI Industries and public sector oil company Indian Oil Corporation Limited committing a collective over ₹8,500 crore of investments in chemicals, renewables, electrical equipment and energy sector.
The 10th edition of the flagship investment event for the State — VGGS will be held in January 2022. The government has started attracting the investments from the companies for their prospective projects in the State.
The 20 MoUs were signed on Monday in presence of Gujarat Chief Minister Bhupendra Patel, who assured the investors all required government support but also asked the companies to execute their investments in a timely manner. The committed investments will collectively generate 36,925 jobs.
Among other companies that inked the MoUs are Indo Asia Copper Ltd which has committed ₹8,500 crore for a copper smelter and fertiliser complex at Rajula in Amreli district. The project is expected to commence from 2025 and will generate employment of 3,500.
Dyes and Dyes intermediate maker Colourtex India Pvt Ltd has committed investment of ₹2,000 crore providing employment to 3,500 at Vilayat GIDC in Bharuch district. The company will commence the project in 2023.
Public sector oil marketing player IOC has committed ₹1,595.22 crore worth of investment for five projects including capacity augmentation of Kandla LPG import plant besides modernisation and automation of LPG plants and augmenting its retail development, depot-terminal modernisation. IOC will generate employment for 5,760 through the investments, which will be commenced between the years of 2021 and 2023.
Kiri Industries will invest ₹2,900 crore generating 1,100 jobs for its project at MDI Complex for manufacturing of Aniline, Nitrobenzene, Nitric Acid, m-Phenylene diamine at Dahej.
Meghmani Group collectively will invest ₹2,600 crore across six projects in Dahej and Sanand locations. The investments are made in the agro chemicals, specialty chemicals, new pigments project among others.
In the medical equipment and lifesciences space, JVRx Assets Management Pvt Ltd will develop a R&D and manufacturing cluster at an ₹1,000 crore, generating employment for 8,000. The project will commence in 2023 and will come up near Ahmedabad. B Medical Systems India Pvt Ltd will set up a project to make medical and vaccine cold chain equipment in Kutch with an investment of ₹100 crore. Mini tractor maker Captain Tractors will invest ₹100 crore in Rajkot for mini tractor, agriculture equipment manufacturing and has committed to provide jobs to 1,790.