State attracts MoUs worth over Rs 24,000 crore ahead of Vibrant Gujarat

Leading MoUs were those from chemical, electrical equipment and PSU majors like Kiri Industries, Meghmani Organics and Meghmani Finechem, Borosil Renewables, and Indian Oil

Ahead of the Vibrant Gujarat Global Summit (VGGS), the state has attracted investment commitments worth Rs 24,185 crore via memorandums of understanding (MoUs) inked by around 20 companies.

While the 10th edition of the flagship biennial investment-cum-trade summit will be held in January 2022, the state government has started attracting investment commitments leading up to the three-day event.

Among the leading MoUs were those from chemical, electrical equipment and public sector majors like Kiri Industries Limited, Meghmani Organics and Meghmani Finechem Limited, Borosil Renewables, Borosil Limited, KEI Industries and Indian Oil Corporation Limited (IOC). Together, they committed investments of more than Rs 8,500 crore in sectors like chemicals, renewables, electrical equipment and energy.

Assuring full government support to the 20-odd MoU signatories on Monday, Gujarat Chief Minister Bhupendra Patel urged the investing companies to execute projects in a timely manner. The companies, on the other hand, have committed to an employment generation of over 36000 in the state.

Other MoUs signed on Monday included that by Indo Asia Copper Limited worth Rs 8,500 crore for a copper smelter and fertiliser complex at Rajula in Amreli district, set to generate an employment of 3,500. In the dyes and dye intermediates sector, Colourtex India Pvt Ltd committed an investment of Rs 2,000 crore for a project set to commence in 2023 in Bharuch, thereby generating employment for another 3500.

Similarly, Kiri Industries committed Rs 2,900 crore for manufacturing Aniline, Nitrobenzene, Nitric Acid, m-Phenylene diamine at Dahej under its MDI complex project, generating employment for 1100. For six projects in Dahej and Sanand locations in the agro chemicals, specialty chemicals and new pigments segments, Meghmani Group committed investment worth Rs 2600 crore.

Among PSUs, IOC signed an MoU for Rs 1,595.22 crore for five projects that will generate employment for nearly 6000. To commence between 2021 and 2023, the projects include that of capacity expansion of its Kandla LPG import plant, apart from modernisation and automation of LPG plants as well as expansion of its retail development and depot-terminal.

The state government also saw an MoU being signed in the medical equipment and lifesciences sector by JVRx Assets Management Pvt Ltd for Rs 1,000 crore worth of investment. To be commenced in 2023 near Ahmedabad, the project entails a lifesciences R&D and manufacturing cluster generating employment for 8000. Another MoU in the sector was made by B Medical Systems India Pvt Ltd at an investment of Rs 100 crore for a medical and vaccine cold chain equipment project in Kutch.

Meanwhile, Captain Tractors made a commitment for Rs 100 crore for a mini tractor, agriculture equipment manufacturing project in Rajkot, thereby generating employment for nearly 1,800.