Rajasthan Summit: Vedanta, top industrialists announce major investments

At the inaugural conclave of the Rising Rajasthan Global Investment Summit 2024 here on Monday, India’s leading industrialists announced their respective group’s investment plans for the state, including Vedanta Group Chairman Anil Agarwal committing Rs 1 trillion to augment zinc and oil production.

 

The country’s top industrialists, with Prime Minister Narendra Modi in attendance, addressed the gathering at the inaugural event of the summit on Monday morning. Before the prime minister delivered the concluding address of the first session, Vedanta’s Agarwal, Aditya Birla Group Chairman Kumar Mangalam Birla, Mahindra and Mahindra Chairperson Anand Mahindra, and Karan Adani, the Managing Director of Adani Ports, detailed their respective group’s current and future investments in the state.

 

Kumar Mangalam reminisced about the roots of his family in Rajasthan, beginning his speech with “padharo mhare desh” (welcome to my land). He urged investors to come to Rajasthan, reminding the gathering that the family patriarch, GD Birla, was born in Pilani. He said the group will invest Rs 50,000 crore in the state over the next two years, of which Rs 6,000 crore will go into renewable energy initiatives, and the group’s Nathdwara cement plant will add additional capacity.

 

Kumar Mangalam spoke of the history of BITS Pilani, which his family founded almost a century ago. The institution has given thousands of dynamic leaders and entrepreneurs to the world and today counts over 6,500 startup founders and co-founders among its alumni. The industrialist complimented the prime minister’s push for cooperative federalism. He said he recently told a journalist that in his 30-year career, he has never witnessed such intense competition among states to attract investments. “This thriving environment, I believe, has been fuelled by the vision of cooperative federalism,” he said, adding, “As Rajasthan arises, India rises, and as every state prospers, so does the nation.” He noted that Rajasthan’s strengths lie in MITR—minerals, infrastructure, tourism, and renewable energy. 

 

 

Mahindra spoke of the climate resilience of Rajasthan’s innovative people. He said the group’s footprint in the state started in 2002 with its tractor manufacturing plant and is set to expand, with Club Mahindra adding another six to its existing half-dozen properties. Mahindra said the Mahindra World City Jaipur has emerged as a favoured destination for foreign investment. The integrated business hub has attracted 143 companies with an investment of Rs 7,000 crore, creating 63,000 jobs and generating Rs 23,000 crore in exports. He said the group’s solar energy projects in the state will expand the installed renewable energy capacity from 1.1 GW to 2.8 GW with an investment of Rs 11,000 crore. He added that the group’s investments in Rajasthan would create 5,000 jobs in the next five years.

 

Vedanta’s Agarwal said the group will invest Rs 1 trillion for zinc and oil production in the state, which would generate 100,000 jobs. He noted that Hindustan Zinc has already invested Rs 1 trillion in Rajasthan and contributes Rs 50,000 crore in taxes annually, of which Rs 10,000 crore goes to Rajasthan. He said the group’s expansion in the state would increase taxes for the Centre and state governments threefold to Rs 1.5 trillion, including Rs 40,000 crore in taxes for the state government.

 

Agarwal also announced the setting up of an industrial park. Reminiscing about his roots in Rajasthan, having been born in Bharatpur and his mother having studied in the state, Agarwal urged investors to head to the state, which boasts rich raw material availability and streamlined bureaucracy.

 

Addressing the gathering, Karan Adani said the group plans to invest Rs 7.5 trillion across various sectors in Rajasthan, half of which will be invested over the next five years. The investments will primarily focus on the construction of four new cement plants, building the world’s largest green energy ecosystem in the state with 100 GW of renewable energy, 2 million tonnes of hydrogen, and 1.8 GW of pumped hydro storage, transforming Rajasthan into a hub of green jobs. The Adani group will also assist in the development of Jaipur’s airport and the establishment of a multi-modal logistics park.