Vibrant Gujarat Summit: State sees 12 more MoUs worth Rs 14,000 crore

As part of its ongoing drive for the upcoming Vibrant Gujarat Global Summit (VGGS), the state government on Monday saw investment commitments worth over Rs 14,000 crore being made through a dozen more Memorandums of Understandings (MoUs).

Along with MoUs worth over Rs 24,000 crore committed last week, the cumulative tally now stands at nearly Rs 40,000 crore, ahead of the biennial business event to be held in January 2022.

The second leg of MoUs was announced by the state government on the back of roadshows for VGGS 2022 being led by Chief Minister Bhupendra Patel in New Delhi last week, thereby inviting companies to participate in the business summit and invest in Gujarat.

With proposed employment generation of over 28,000 in the state, the MoUs were led by Mitsu Private Ltd for Rs 5,000 crore, the largest in the second leg of investment commitments being made since last week. To be made for chemicals, pharmaceuticals, API, textiles, engineering and plastics, Mitsu's investment commitment entails employment for 15,000, with the project likely to start in 2025.

The second largest investment commitment in the second tranche was made by Aarti Industries Limited for nearly Rs 4,000 crore, along with Rs 475 crore by Aarti Drugs Limited for chemicals, pesticide, specialty and intermediate chemicals that are set to come up at Jhagadia near Bharuch, Dahej and Vapi.

In the electric vehicle batteries and related applications segment, Gujarat Fluorochemicals Limited committed Rs 2,000 crore at Dahej, which will provide employment for 1450 and kick off by 2024.

In the dyes and color segment, Asian Paints Limited committed investments worth Rs 1,140 crore for an integrated paints factory at Ankleshwar, providing employment for 3,900.

The chemical space further saw a commitment of Rs 720 crore by Navin Fluorine Advanced Sciences Limited, along with Rs 500 crore commitment by Pragna Specialty Private Limited in chemicals and intermediates.

While pharmaceuticals saw investment commitments of Rs 117 crore from Steve Healthcare Pvt Limited, the dyes and intermediates sector attracted a commitment of Rs 100 crore from Sanjopin Industries Pvt Limited, with the projects set to come up at Bharuch and Dahej.