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Vibrant Gujarat Summit: Rs 20 lakh crore pledged in over 24,000 MoUs on day 2

The ongoing 'Vibrant Gujarat Global Summit' has met with an overwhelming response with over 24,000 MoUs (Memorandum of Understanding) signed including some big-ticket agreements worth thousands of crores of rupees. Day two of the
India TV Business Desk Gandhinagar January 12, 2017 13:50 IST
India TV Business Desk

The ongoing 'Vibrant Gujarat Global Summit' has met with an overwhelming response with over 24,000 MoUs (Memorandum of Understanding) signed including some big-ticket agreements worth thousands of crores of rupees. 

Day two of the summit saw Indian corporate leaders and state enterprises, among others, pledge investment of over Rs 20 lakh crore, according to Times of India.

The amount is expected to cross the Rs 30 lakh crore mark on Thursday, when the summit concludes.

The big names included the likes of Amazon India, Tyson Glass (Rs 1,700 crore for fibre-glass manufacturing unit), Tsinghshan Steel (Rs 5,500 crore), Adani Group, Ultratech Cement, Shree Cement, Gulf Mining. It includes an agreement with aircraft manufacturer  – Airbus – to set up an aerospace and defence cluster at Dholera that will initially manufacture helicopters.

Gujarat Deputy Chief Minister Nitin Patel announced that 24,385 MoUs were signed after marathon meetings with industry captions and various heads of state on the second day of 8th edition of the Summit being held at Mahatma Mandir here. 

"Today, our Chief Minister Vijay Rupani held 41 one-to-one meetings with industry as well as government leaders. In addition, 200 B2B meetings, 120 B2G meetings and 9 seminars were also organised during the day," Patel told reporters. 

He said the total worth of all the IIs will be announced later. 

"In total, 24,385 IIs in 23 sectors have been signed during the day. Among these, 133 MoUs were big ticket agreements having investment proposal ranging between Rs 1,000 to Rs 4,000 crore each. Over 50 investment proposals were of more than Rs 4000 crore each," said Patel. 

Sectors which had attracted maximum proposals are urban development, mineral based projects, animal husbandry, fisheries and cooperation and power, oil and gas sector among others. 

Some of the big ticket proposals include Rs 5,500 crore project of setting up a stainless steel plant at Mundra in Kutch by Chinese stainless steel giant Tsinghshan Group, which had entered into a joint venture with Sunrise Group for this project, said Patel. 

"Tyre manufacturer MRF would be establishing their plant in Gujarat, most likely at Bharuch with an investment of Rs 4000 crore. The annual production capacity of the plant will be one million tyres. The company has signed an MoU in this regard with Gujarat government today," added Patel. 

Reliance Sibur Elastomers Pvt Ltd, a JV company of Reliance Industries Ltd and Sibur Holding, Russia, has signed an MoU with Gujarat government to set up a Halo Butyl Rubber Project at Jamnagar with proposed investment of around Rs 1,200 crore. 

Airbus France signed an MoU with Dholera Industrial City Development Ltd (DICDL) for establishing Aerospace and Defence cluster. 

"In the initial phase, Airbus France would start production of helicopters at this facility. Investment details are still being finalised," the Deputy CM added. 

Adani Cementation Ltd signed an MoU with the government to set up a clinkering unit with an investment of Rs 5,500 crore.

PTI inputs