Day one draws Rs 7 lakh crore

Brushing aside recessionary pressures, global and domestic corporate giants today came forward to commit a mammoth investment of Rs 7.48 lakh crore in Gujarat on the first day of the fourth Vibrant Gujarat Global Investors Summit-2009 in Ahmedabad.

Top honchos of India Inc, including Mukesh Ambani, Ratan Tata, Kumar Mangalam Birla, Sashi Ruia, Captain GR Gopinath, OP Bhatt, N Vittal, Anand Mahindra and Tulsi Tanti, had something to announce at the summit. The investments poured into almost all sectors, including oil and gas, power, infrastructure, ports ship-building and information technology.

Infrastructure and power got the highest committed amount. A total of 122 memoranda of understanding (MoUs) entailing an investment of Rs 2.09 lakh crore were signed for the infrastructure sector. Around 50 per cent big-ticket investments in this sector are coming up in the Dholera Special Investment Region.

The power sector also attracted a staggering investment of Rs 2.03 lakh crore with 29 MoUs inked by various power companies.

Special economic zones (SEZs) saw signing of 17 MoUs involving an investment of Rs 77,248 crore, while Rs 46,007 crore was committed for information technology.

Approximately, 828,000 people are likely to get employment once these MoUs materialise.

Prasoon Mukherjee-promoted Universal Success pledged the highest investment of Rs 87,000 crore, which includes setting up of a 10,000-Mw power plant and a 5,000-acre SEZ in Gujarat, touted as the “growth engine of India”.

Hindustan Construction Company signed two MoUs for investing Rs 41,500 crore. The first MoU was signed for developing a water front city with a total investment of Rs 40,000 crore. The new city will be based on Lavasa, India’s first and largest Hill City being built by the company near Pune, Maharashtra.

Hotmail founder Sabeer Bhatia-promoted Nano Work Development committed Rs 30,000 crore for a “Nano City” in Kutch.

Gautam Adani today announced to invest Rs 27,000 crore for expansion of Mundra Port and SEZ and setting up a 2,000-Mw plant. Vadodara-based Sandesara group inked an MoU to invest around Rs 21,000 crore for SEZ and infrastructure projects. EMPI committed an investment of Rs 11,340 crore for Gujarat Vittal Innovation City at Valsad.

Captain Gopinath of Deccan Airways also announced investment to the tune of Rs 40,000 in air cargo logistics.