Vibrant Gujarat Global Summit sees billion-dollar pledges: From Tata’s semiconductor fab to new Maruti plant

Jan 12, 2024 India Shipping News

GANDHINAGAR : The 10th Vibrant Gujarat Global Summit, which commenced on January 10, witnessed a flurry of investment pledges and announcements across various sectors. Tata Group, led by Chairman N Chandrasekaran, disclosed plans to establish a significant semiconductor fabrication unit in Gujarat’s Dholera, with operations slated to begin in 2024. The two-day summit also saw Adani Group committing a whopping ₹2 trillion ($24 billion) to boost green energy initiatives in Gujarat, adding to the flurry of multi-billion pledges made at the event. Additionally, Maruti Suzuki, Simmtech, and DP World revealed their respective investment plans, highlighting Gujarat’s growing stature as an investment hub.

Some of the top announcements are-:

India to be third largest economy by 2027-28, says Nirmala Sitharaman

Finance Minister Smt Nirmala Sitharaman said on Wednesday that India will become third largest economy by 2027-28 with more than $5 trillion GDP. She was quoted by PTI as saying, “More than 50 crore Indians have bank accounts at present compared to 15 crore in 2014.” She added, “India’s economy to be worth USD 30 trillion by 2047.”

Tata Group to establish semiconductor fab in Gujarat

Tata Group Chairman N Chandrasekaran revealed plans to build a large semiconductor fabrication facility (fab) in Gujarat’s Dholera. It is expected to commence operations in 2024. The group is in the final stages of negotiations for the plant, marking a significant move into chip manufacturing.

Adani’s massive investment in Gujarat

Gautam Adani announced a staggering investment of 2 trillion rupees ($24 billion) over the next five years in Gujarat. The focus will be on green energy projects, creating 100,000 direct and indirect jobs in the state. Adani Group is developing the “world’s largest green energy park” generating 30 gigawatts.

Maruti Suzuki’s new plant in Gujarat

Maruti Suzuki, India’s top carmaker, unveiled plans to invest 350 billion rupees ($4.2 billion) in Gujarat. The investment includes building a second car plant and adding a new production line at an existing facility, increasing annual production capacity to 2 million vehicles.

Simmtech’s colocation investment with Micron in Gujarat

South Korean semiconductor parts maker Simmtech expressed readiness for a significant investment in Gujarat, collaborating with Micron. The company aims to create job opportunities for high-skilled talents in the state, contributing to India’s growing semiconductor supply chain.

Nvidia’s AI Data centre in GIFT City, Gujarat

Global computing major Nvidia announced that its partner Yotta is set to commission an artificial intelligence data centre in Gujarat International Finance Tec-City (GIFT City) before the end of March. The data centre is part of Nvidia’s collaboration with Tata Group and Reliance Industries for setting up data centres.

India-UAE MoUs at Vibrant Gujarat Summit

India and the UAE signed multiple Memorandums of Understanding (MoUs) at the Vibrant Gujarat Summit, covering renewable energy, innovative healthcare projects, and food park development. The agreements aim to strengthen cooperation in various sectors between the two nations.

ArcelorMittal Nippon Steel’s Integrated Steel Plant in Hazira

Lakshmi Mittal announced that ArcelorMittal Nippon Steel India is constructing the world’s largest single-location integrated steel plant in Gujarat’s Hazira. The plant, with a capacity of 24 million tonnes of crude steel, is expected to be operational by 2029.

DP World’s to build container terminal in Gujarat

Global logistics firm DP World revealed plans to build a container terminal in Gujarat, showcasing commitment to further investments in India. The company emphasised continued support for manufacturing industries to enhance the global competitiveness of Indian goods.

Reliance’s carbon fibre facility at Hazira

Mukesh Ambani announced that Reliance Industries will establish India’s first world-class carbon fibre facility at Hazira in Gujarat. The facility aligns with Reliance’s commitment to green growth and contributes to Gujarat’s goal of meeting half of its energy needs through renewables by 2030.

Paytm‘s Investment in GIFT City

One97 Communications Limited, owner of Paytm, announced an investment of Rs100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem. Paytm aims to leverage GIFT City as an innovation hub for cross-border activities and reduce friction in cross-border remittances.

ONGC Videsh to set up global treasury centre at GIFT City

ONGC Videsh Ltd has incorporated a wholly owned subsidiary called OVL Overseas IFSC Ltd in Gujarat’s GIFT City that will function as a treasury hub catering to OVL and its 25 subsidiaries, including step-down subsidiaries, across 15 countries.

Lulu Group to set up large shopping mall in Ahmedabad

UAE-based retailer LuLu Group is set to construct what it termed India’s biggest shopping mall, in Ahmedabad, with an estimated cost of ₹4,000 crore.

The construction for the proposed shopping mall will start in 2024 itself, said Yusuff Ali MA, Chairman and Managing Director of Lulu Group International, talking to ANI on the sidelines of the ongoing Vibrant Gujarat Global Summit.

Essar Group to set up 1GW green hydrogen project in Jamnagar

Essar Group is setting up a 1-gigawatt green hydrogen project (1,000 megawatt) in Gujarat’s Jamnagar, besides expanding its ports and power businesses in the western state, news agency ANI quoted d Prashant Ruia, Promoter Director, Essar Group, as saying.