- Tuesday, February 25, 2025
The pacts were signed with 58 firms spanning various sectors including energy, oil and gas, and chemicals.
By: Shubham Ghosh
THE western Indian state of Gujarat on Wednesday (3) inked preliminary investment deals totaling Rs 7.17 trillion (£66.4 billion) with 58 firms spanning various sectors including energy, oil and gas, and chemicals, as announced by the state government.
Gujarat, the home state of prime minister Narendra Modi, has been actively entering into these agreements in anticipation of its biennial Vibrant Gujarat Global Summit which will take place in the state capital Gandhinagar, from January 10 to 12.
Among the firms that entered into agreements, NTPC Renewable Energy Limited stood out, presenting plans for a substantial investment of Rs 900 billion (£8.55 billion). This investment is aimed at establishing 15 gigawatt (GW) renewable energy parks and projects, specifically designed to cater to the power requirements of the agricultural sector, as confirmed by a senior official from the state’s industries department.
Read: Ahead of mega business summit, Gujarat permits liquor consumption in GIFT City
Additionally, NTPC proposed an additional investment of Rs 700 billion (£6.64 billion). This extended investment plan encompasses ventures into fuel cell electric vehicle mobility; hydrogen blending with natural gas; production of green chemicals such as ammonia and methanol; and the development of 5GW hydrogen-based energy storage projects, according to the official.
Similarly, Torrent Power signed an agreement to invest Rs 474 billion (£4.5 billion) to set up solar power projects with 3,450 MW and 7,000 MW capacity, green hydrogen and ammonia manufacturing plants, and distribution networks in cities such as Ahmedabad and Surat.
Read: Weeks ahead of Vibrant Gujarat summit, officials say state emerges as India’s ‘petro capital’
The Vibrant Gujarat Summit is expected to draw a record number of foreign and domestic investors to Gujarat in what is being seen as Modi’s big push to promote investment in India just months ahead of its national election, where he will seek his third straight term.
Last month, Gujarat had signed similar investment agreements totalling $18.75 billion (£14.8 billion).
(With Reuters inputs)
