Zydus Group to invest Rs 5,000 cr across various sectors in Gujarat: Patel

"We have signed MoUs of over Rs 5,000 crore. We'll be investing into next generation biotechnology products, new medical device initiatives and hospitals for healthcare sector," Chairman Patel said

Zydus Group on Friday announced plans to invest Rs 5,000 crore in Gujarat in various sectors, including new generation biotechnology products and hospitals, its Chairman Pankaj Patel said.

Speaking at the 10th Vibrant Gujarat Global Summit here, Patel said his group has signed Memoranda of Understanding (MoUs) with the state for the investments.

"We have signed MoUs of over Rs 5,000 crore. We'll be investing into next generation biotechnology products, new medical device initiatives and hospitals for the healthcare sector," he said.

Patel said he has been attending the biennial summit since its inception and thanked Prime Minister Narendra Modi and Union Home Minister Amit Shah for helping businesses when it needs it the most.

He said business needs leadership with a vision and the one that pushes it to think bigger, which is offered in Gujarat.

Earlier, Nayara Energy's head of refinery Prasad Panicker said the company will be expanding its refinery at Vadinar and also upping its retail network in the country by 50 per cent.

A $800 million investment in a plant announced at the summit's 2019 edition will get operational in a couple of months, he added.

Torrent Group's Sudhir Mehta reiterated its plans to invest nearly Rs 48,000 crore in the state in the energy generation and distribution businesses.

These include Rs 30,000 crore for a 3,450 MW solar plant and a 1,045 MW hydel plant, Rs 4,500 crore for a 7,000 mw solar plant and Rs 7,200 crore for green hydrogen production.

Welspun Group's Chairman Balkrishan Goenka said the conglomerate will be investing Rs 40,000 crore in the state over the next five years.