Companies announce major investments at VGS

Mukesh Ambani announced Rs 100,000 cr investment in the next 12-18 months, Adani & SunEdison to invest Rs 25,000 cr to build solar photovoltaic facility

As Prime Minister Narendra Modi today promised to make India the 'easiest' place to do business, big corporates too showed their confidence in the leader, and announced major investments during the Vibrant Gujarat Summit here.

While Reliance Industries chairman, Mukesh Ambani announced Rs 100,000 crore investment across businesses in the next 12-18 months, Adani group signed a memorandum of understanding (MoU) with leading solar technology manufacturer and provider of solar energy services,SunEdison, Inc. to establish a joint venture to build the largest vertically integrated solar photovoltaic manufacturing facility in India with an investment of up to $4 billion (Rs 25,000 crore). The facility will create enough solar panels to fuel substantial solar growth in India, furthering India's goals for clean, renewable energy independence, and will add up to 20,000 jobs to the local economy. Adani group also signed an agreement with Australian energy major Woodside.

Aditya Birla Group Chairman Kumar Mangalam Birla also announced Rs 20,000 crore investment in the state in cement and other businesses. Also, among foreign companies, Australian mining giant Rio Tinto's CEO Sam Walsh said the group had a diamond mine project in Madhya Pradesh, that would create 30,000 jobs in diamond cutting industry in Gujarat.

He stressed that entire Australia is looking forward to the state as a promising business destination. Japanese auto major Suzuki's chairman Osamu Suzuki said its new car manufacturing unit in Gujarat, being set up at an investment of Rs 4,000 crore, will be ready by 2017.

This apart, industrial houses like Kalyani Group also said it will invest Rs 600 crore for upgradation and overhaul of Armoured Fighting Vehicles unit at Dholera, Gujarat, while Welspun Renewables announced an investment of Rs 8,300 crore to set up about 1,000 MW solar and wind capacities in the state.

Modi promised to make India the 'easiest' place to do business with a stable policy and tax regime.

He also promised "truly unlimited" development across sectors and regions, while business leaders lined up huge investment commitments and signed MoUs across sectors on the first day of three-day Vibrant Gujarat Summit here.