The 10th edition of the Vibrant Gujarat Global Summit concluded on January 12 with Memorandums of Understanding (MoUs) for 41,299 projects, with potential investment proposals worth ₹26.33 lakh crore, being signed during the mega event.
On the concluding day, Gujarat-based Torrent Group announced investments of ₹47,350 crore in various projects, including around 4500 MW renewable energy projects, development of a solar park in North Gujarat, ramping up power distribution network in Gujarat and setting up hydrogen manufacturing facilities in the State.
“In line with our strategic priorities and encouraged by our positive experience of working in Gujarat, I am pleased to share that Torrent Group has signed 4 MOUs during Vibrant Gujarat 2024, entailing a total investment of ₹47,350 crores,” Sudhir Mehta, Chairman Emeritus of the diversified Torrent Group, said in his speech at the valedictory session.
Gujarat Chief Minister Bhupendra Patel posted on social media platform X that the biennial summit attracted huge investments in sectors like green hydrogen, renewable power, e-mobility, semiconductors and financial services and fintech at the GIFT city.
According to the Chief Minister, if the MoUs signed at the previous summit (scheduled for 2022 but postponed due to the COVID-19 pandemic) were added up, a total of 98,540 agreements with investment proposals worth more than ₹45 lakh crore were inked in 2022 and 2024.
As per details registered on the official investor facilitation portal (IFP), MoUs for a total of 98,540 projects with proposed investments of ₹45.20 lakh crore were inked during the period between the conclusion of the 9th and 10th editions of the summit.
Among the sectors with the highest number of investment proposals are urban development, mineral, chemicals, petrochemicals, animal husbandry and fishing, power, oil and gas, agro and food processing, textile and apparels, as per details available on IFP.
Among the other sectors for which MoUs were signed between February 1, 2019, and January 12, 2024 (9th and 10th editions), were environment, forest and climate change, rural development and urban housing, education, engineering and auto, health care, pharma and tourism.
The summit, inaugurated by Prime Minister Narendra Modi on January 10, saw the participation of more than 61,000 delegates from over 140 countries, said Additional Chief Secretary of Gujarat Industries and Mines department, S.J. Haider, while giving a presentation during the valedictory ceremony.
UAE President Mohammed bin Zayed Al Nahyan was the chief guest at the inaugural event. He had joined Mr. Modi for a roadshow from the airport to the State capital Gandhinagar on January 9.
The high-profile event also saw the participation of Presidents of three countries — Filipe Nyusi of Mozambique, Jose Ramos-Horta of Timore-Leste and Petr Pavel of the Czech Republic. Deputy Prime Minister of Vietnam, Tran Luu Quang, and more than 40 Minister-led delegations from different countries also participated with a total of 35 countries and 16 international organisations partnering for the event.
On the inaugural day, top business tycoons including Mukesh Ambani of Reliance, Gautam Adani of Adani conglomerate, Tata Group Chairman N. Chandrasekaran and others announced investments in new projects and expansion of their operations in the State.
Moreover, Japanese automaker Suzuki Motors and UAE-based DP World also announced investments for setting up new car factory and a mega port terminal and logistics facility, respectively.
