Industry heads eager to invest in Gujarat

Industry captains based here expressed eagerness to invest in Gujarat at a luncheon meeting with state chief minister Narendra Modi, spelling out plans in the sectors of infrastructure, petroleum and steel, hotels and tourism.

The was part of Modi’s road show for the coming Vibrant Gujarat 2011 conference, in January, meant to attract investors to the state. In the earlier edition in 2009, Gujarat had received investment commitments of up to $240 billion and delegates came from close to 50 countries.

Essar Group head Shashi Ruia, accompanied by group director Prashant Ruia, wanted to expand their steel and refineries business. Anand Mahindra, vice chairman and managing director of the Mahindra Group, desired to set up a chain of resorts, of Mahindra Holidays. B K Goenka, chief of Welspun, a leading steel pipe company, wanted to expand. Vijay Kalantri, chairman of Balaji Infra Projects, said his company was keen to invest in Gujarat’s port sector.

Modi said their proposals would be cleared without any delay and in the most transparent manner. The industry captains were impressed by Modi’s saying that if they had to come to him for project clearance, the system wasn’t working as it ought to. These, he said, would be set right, so that project proposals were cleared and implementation began at the earliest.

A senior industrialist who was present told Business Standard: “Modi has been selling the Nano story to the world. He assured Anand Mahindra similar treatment if his company decided to produce nano tractors.” He said the CM made it clear that his government had done away with the earlier incentive-raj but was focused on being investment-friendly.

Nikhil Meswani, executive director of Reliance Industries and Jay Mehta, executive vice chairman of Gujarat Sidhee Cement, narrated their positive experience in this regard. Another said said Modi himself or his office returned all telephone calls within a short while.

Modi said he was inviting other states, too, to the January meet. "Our effort is to widen the scope of the event. This time, we have invited Indian states as well as other countries to make use of this platform," he said. "Earlier, our focus had been for the benefit of Gujarat alone, but now we feel the event should help all our Indian states.”

In the last edition in 2009, Gujarat had received investment commitments of up to $240 billion and delegates came from close to 50 countries.