 "10th Vibrant Gujarat Global Summit 2024")
The 10th Vibrant Gujarat Global Summit 2024 commenced on January 10, and will continue till January 12. While Prime Minister Narendra Modi's powerful statements of faith in the nation's development were the event's high point, prominent global business leaders also announced big investments and projects in India on Wednesday.
Gautam Adani and Mukesh Ambani, India's two wealthiest businessmen, joined on stage at the Gujarat Summit to discuss the future of the conglomerates in the state. They also announced billions of dollars in investments in Gujarat over the next several years.
Gautam Adani's Rs 2 trillion investment
The richest Asian, Gautam Adani, announced a Rs 2 trillion investment in Gujarat over the next five years on Wednesday, largely in setting up the world's largest clean energy project that will be visible even from space.
"Over the next five years, Adani Group will invest over Rs 2 trillion in Gujarat - thereby creating over 100,000 direct and indirect jobs," Adani said at the 10th Vibrant Gujarat Global Summit in Gandhinagar.
He added that the group has already invested over Rs 50,000 crore out of the Rs 55,000 crore investment committed by 2025 at the previous summit.
Mukesh Ambani's five major commitments for Gujarat
At the summit, Reliance Industries Limited (RIL) Chairman Mukesh Ambani laid out the conglomerate's ‘five major commitments’ for Gujarat. They are:
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1. RIL will set up India's first carbon fibre facility in Hazira, making Gujarat a ‘pioneer in new materials and circular economy.’
2. To help the state meet 50 per cent of its energy needs through renewable energy by 2030, the Reliance group has started building the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar.
3. Reliance Retail, RIL's retail arm, will bring ‘quality products’ to the state and support its farmers.
4. Having completed the 'fastest 5G rollout' anywhere in the world, RIL's ‘5G-enabled artificial intelligence (AI) revolutions' will create jobs in the state.
5. India will bid for the 2036 Olympics, and Reliance will make investments in Gujarat in this regard.
Tata Group’s new semiconductor fabrication plant in Gujarat
Tata Group's Chairman, N Chandrasekaran, announced that the conglomerate is set to establish a large semiconductor fabrication plant in Dholera, Gujarat. Anticipated to commence operations in 2024, the project is currently in the final stages of negotiation.
Chandrasekaran outlined the group's plans to start construction of a 20-gigawatt lithium-ion storage battery factory in Sanand city, Gujarat, within the next two months. In addition to these ventures, the Tata Group is engaged in the construction of the C295 defence aircraft in Vadodara, with plans to extend manufacturing operations to Dholera.
Chandrasekaran also mentioned the upcoming launch of the first phase of the Indian Institute of Skills, a collaborative effort with central and state governments, in Gujarat by March 2024.
Maruti's Rs 35,000 crore investment for second Gujarat plant
Maruti Suzuki India (MSI) will invest Rs 35,000 crore to set up its second manufacturing facility in Gujarat as it looks to ramp up annual production capacity to over 40 lakh units by 2030-31, Suzuki Motor Corporation President Toshihiro Suzuki said on Wednesday.
"We will invest Rs 35,000 crore for the construction of a second car plant in Gujarat, which would produce another one million units per year," Suzuki said.
The new plant is expected to start operation in FY2028-29.
Yotta’s AI data centre in GIFT City
Global computing major Nvidia said its partner Yotta is set to commission an “artificial intelligence data centre” in GIFT City before the end of March.
Speaking at the Vibrant Gujarat Global Summit, Shankar Trivedi, senior vice president at Nvidia Global Field Operations, said the American company is partnering with Tata Group and Reliance Industries to set up data centres.
The data centre being set up by Yotta, a Hiranandani Group company, will go live before March, he said.
ArcelorMittal to build world's single-largest steel site
Lakshmi Mittal, the chairperson of steel manufacturing corporation ArcelorMittal, announced that the corporation will build the world's single largest steel manufacturing site at Gujarat's Hazira by 2029.
The steel baron said that the first phase of the steel manufacturing site will be completed by 2026 whereas the second phase, marked by a Memorandum of Understanding (MoU), will be completed by 2029. Once operational, the expanded manufacturing facility will produce around 24 million tonnes (MT) of steel, making it the world's largest steel manufacturing site.
Simmtech's colocation investment with Micron in Gujarat
South Korean semiconductor critical parts maker Simmtech is preparing for another colocation investment with Micron, company Global CEO Jeffery Chun said, adding that the company is ready to make "a significant investment in India and create thousands of job opportunities for highly skilled talents in the state of Gujarat together with Micron".
