MoUs worth Rs 14,165 crore signed before Vibrant Gujarat Summit

In the run up to the Vibrant Gujarat Summit, the state government on Monday signed 12 pacts for proposed investments worth Rs 14,165 crore with various industrial groups.

The proposals included a Rs 1,500 crore investment by Matter, an electric vehicle manufacturing company.

"The investment proposals signed between various industry representatives and the state government were for manufacturing of electric two wheeler, chemicals, pharma API, organic paper, metal, jewellery and dyes, a release said.

Chief Minister Bhupendra Patel, who was present at the function in Gandhinagar, said Gujarat is ready to become the growth engine of the country and will work to realise the theme of this Vibrant Gujarat Summit of "Atmanirbhar Gujarat for Atmanirbhar India".

Matter, a start-up focusing on electric mobility solutions and energy storage, signed a Memorandum of Understanding (MoU) with the Gujarat government committing an investment of Rs 1,500 crore over the next five years.

Of this, Rs 1,200 crore will be invested in electric mobility and Rs 300 crore will be for energy storage. These investments will also generate 4,000 jobs in the state over the next five years, the release from the company said.

An investment proposal of Rs 7,500 crore was signed by SRF Limited, a multi-business chemical conglomerate, for manufacturing of various chemicals at Dahej PCPIR (Petroleum, Chemical and Petrochemical Investment Region).

Welsupn Metallics inked an MoU for investing Rs 1,000 crore to manufacture iron of all grades in Kutch, while N R Agarwal Group will invest Rs 650 crore for manufacturing paperboard and other paper products in Valsad.

This is the third Monday in a row when the state government has signed MoUs with different companies for proposed investment in Gujarat ahead of the Vibrant Gujarat Summit.

Prime Minister Narendra Modi will inaugurate the summit on January 10.