Three companies from Andhra Pradesh — GVK Power and Infrastructure Limited, Surana group and Sanghi — have signed memoranda of understanding at the recently held Vibrant Gujarat Summit 2011 for various projects in Gujarat.
The Rs500-crore Surana group signed an MoU to set up a solar cells and modules manufacturing plant at Sanad with the investment of Rs300 crore.
“The production capacity of the unit will be around 60 Mw and the plant is likely to come up on 50 acres of land near the Tata factory,” said Narendra Surana, managing director of Surana group of companies. The proposed project is likely to be completed by 2013.
With rapid industrialisation, Surana said the consumption was very huge in Gujarat as compared with Andhra Pradesh. The company already has a 5-Mw solar power generating plant in Gujarat set up with Rs 60 crore.
GVK Power and Infrastructure Limited, part of the GVK group, has reportedly signed an MoU to develop an LNG terminal at Okhamadhi in Jamnagar with an investment of around Rs 7,000 crore.
The Sanghi group, on the other hand, would ramp up its cement production capacity at Kutch. The group would invest Rs 900-1,000 crore in its plant to add 3.5 million tonne.
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A Sanghi spokesperson said the plant had to go through clearances and other liabilities before embarking on expansion. The current capacity of the cement plant is 3 million tonne per annum.
“The summit is more of a fact-finding platform for the investors to see the business and growth potential and to search new overseas business avenues,” said Shakti Sagar, chairman of the Confederation of Indian Industry - Andhra Pradesh.
The two-day summit saw investment commitments of Rs 20.83 lakh crore ($450 billion), with 7,936 signed MoUs. On the first day, the Gujarat government signed 2,776 MoUs worth Rs 14.9 lakh crore in 25 different sectors.
“Corporate biggies from the state have shown great interest in investing in major projects and expanding their current operations in Gujarat. The companies that have signed MoUs already have their presence in the state,” said MV Rajeshwar Rao, secretary general, Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci). Rao represented Fapcci at the summit.