Gujarat inks investment deals worth $86.07 billion with 58 companies
The Gujarat government has announced initial investment agreements totaling $86.07 billion with 58 companies. These firms, including NTPC and Torrent Power, are part of industries such as energy, oil and gas, and chemicals. These agreements come just before the biennial Vibrant Gujarat Global Summit, which is set to take place in Gandhinagar from January 10 to 12.
NTPC Renewable Energy will invest over $19 billion
NTPC Renewable Energy Limited plans to invest $10.80 billion for 15-gigawatt (GW) renewable energy parks and projects aimed at the agricultural sector's power needs. Furthermore, NTPC intends to invest $8.40 billion in fuel cell electric vehicle mobility, hydrogen blending with natural gas, green chemical production like ammonia and methanol, and 5GW hydrogen-based energy storage projects.
What about Torrent Power?
Torrent Power has agreed to invest $5.69 billion. It will be used for solar power projects with capacities of 3,450MW and 7,000MW, green hydrogen and ammonia manufacturing plants, and distribution networks in cities such as Ahmedabad and Surat.
Summit expected to attract record number of investors
The Vibrant Gujarat Global Summit is expected to attract a record number of foreign and domestic investors to the state this month. This event represents Prime Minister Narendra Modi's major push to encourage investment in India just months before the national election, where he will seek a third term. Last month, the state government signed similar investment agreements totaling $18.75 billion.
