47 more MoUs signed for Rs 1.57 Lakh Crore investment in Gujarat

GANDHINAGAR : With 47 fresh memorandums of understanding (MoUs) signed by industry with the state government, investments worth Rs 1.57 lakh crore are set to come to Gujarat.

In the run up to the state’s mega investor summit, Vibrant Gujarat Global Summit 2024, players from the pharmaceuticals, textiles and apparel, green energy, financial services, healthcare, science and technology, agro and food processing sectors have committed investments that are expected to create 7.59 lakh jobs in Gujarat.

Among the key investors are Welspun Group, which committed Rs 45,000 crore for a green hydrogen plant and Zydus Lifesciences Limited, which signed an MoU for Rs 5,000 crore.
Chintan Thaker, President of Welspun India, who signed the MoU in Gandhinagar on Wednesday, said, “The government has already given in-principle approval for a 20,000-acre land parcel in Kutch, where the company will produce renewable energy. Green hydrogen and green ammonia production will take place near Kandla. We expect the project to be operational in four years, by fiscal year 2028-29.”

The company also signed another MoU committing Rs 2,500 crore for a brownfield investment at its Anjar facility, to manufacture kitchen towels.
Zydus Lifesciences Limited committed Rs 5,000 crore for further expansions in the pharma sector. Pankaj Patel, Chairman of the pharma giant signed the MoU.
The other MoUs were in the engineering and automobile sectors, involving investments of Rs 50,450 crore in addition Rs 22,824 in science and technology, among others. These players will likely commission units between 2023 and 2028. These units will come up in several districts, such as Kutch, Bharuch, Kheda, Ahmedabad, Mehsana, Amreli, Vadodara, Surat, Panchmahal, Sanand, Gandhinagar, Dang, Navsari and Rajkot.