Vibrant Gujarat: MoUs worth Rs 24.7k cr signed ahead of investment summit

A total of 30 Memorandums of Understanding expressing investment intentions of Rs 24,707 crore were signed at a ceremony in Gandhinagar on Wednesday ahead of the 10th edition of the Vibrant Gujarat Global Summit (VGGS), officials said.

"A total of 30 MoUs, amounting to Rs 24,707 crore, were formally signed and exchanged. The operationalisation of the MoUs is expected to generate direct and indirect employment opportunities for more than 38,000 youth across diverse sectors in Gujarat," stated an official release.

The MoU-signing ceremony was held as part of the Vibrant Gujarat Global Summit 2024 which will be organised during January 10-12 next year, and among participants were various prominent companies of the state, it said.

Gujarat Minister of Industries Balvantsinh Rajput and Minister of Water Resources Kunvarji Bavaliya were present on the occasion along with representatives from the industry and various government departments.

The MoUs were mainly about projects related to minerals, innovative housing and commercial buildings within urban development, townships, chemicals and petrochemicals, and pharmaceuticals.

Among other sectors for which MoUs have been signed are jewellery manufacturing, green and solar energy, textile and apparel parks, engineering, automotive, animal healthcare, ethanol production, industrial parks, water supply and skill development, the release stated.

Hudco to invest Rs 14.5k crore

State-owned HUDCO on Wednesday said it has entered into a pact with the Gujarat government to invest up to Rs 14,500 crore for financing of housing and urban infrastructure projects.

The state government intends for overall development of Gujarat by implementing various housing and infrastructure projects, according to a regulatory filing.

Housing & Urban Development Corporation Ltd (HUDCO) has "executed a memorandum of understanding with the State Government of Gujarat for an investment up to Rs 14,500 crore for financing the housing and urban infrastructure projects in the state of Gujarat," the filing said.

Being a techno-financial institution, HUDCO is in the business of providing financial assistance for housing and urban development projects in the country.