Vibrant Gujarat Global Summit 2024: Key investments announced today
The 10th edition of the Vibrant Gujarat Global Summit 2024 kicked off in Gandhinagar earlier today. The inaugural day of the two-day summit saw a flurry of investment pledges and announcements across various sectors. State leaders and top businessmen, including Mukesh Ambani, Gautam Adani, Suzuki's President, and Tata Sons's Chairman N Chandrasekaran, marked their presence at the event's inauguration. Read on to learn some of the top investment announcements made at the event today.
Adani Group to invest Rs. 2 lakh crore
Gautam Adani, India's wealthiest individual, revealed at the summit that his company, Adani Group, plans to invest Rs. 2 lakh crore in Gujarat within the next five years. He said that this will create about one lakh jobs. One of the major projects is the development of what's being termed the "world's largest green energy park," designed to generate a whopping 30 gigawatts of power.
Reliance to build India's first world-class carbon fiber facility
Mukesh Ambani, Chairman of Reliance Industries, announced that his company will establish India's first world-class carbon fiber facility at Hazira in Gujarat. Additionally, Reliance will create a green energy giga complex on 5,000 acres in Jamnagar by 2024. Ambani also confirmed India's aspiration to host the 2036 Olympics. He mentioned Reliance's commitment to support the authorities in various developmental projects associated with this bid.
Tata Group to set up a semiconductor factory in Dholera
Tata Group Chairman N Chandrasekaran made some major announcements. The group is planning to build a semiconductor fab in Dholera aiming for operations to begin later this year. Within the next two months, it will initiate the construction of a large 20-gigawatt lithium-ion storage battery factory in Sanand. The conglomerate is in the final stages of negotiations for the plant, marking an important move into chip manufacturing for the group.
Suzuki Motors to invest Rs. 38,200 crore
Suzuki Motor Corporation CEO Toshihiro Suzuki announced a whopping Rs. 38,200 crore investment plan in Gujarat. As per the plan, Rs. 35,000 crore will be used for the construction of a second car plant in the state. The remaining Rs. 3,200 crore will be used to add a new production line of 2.5 lakh units per year. The company plans to increase its annual production capacity to more than 40 lakh units by 2030-31.
Accelor Mittal announces world's largest single-location integrated steel plant
Lakshmi Mittal announced that his firm, ArcelorMittal Nippon Steel India, is constructing the world's largest single-location integrated steel plant in Gujarat's Hazira. This mammoth facility, boasting a capacity of 2.4 crore tons of crude steel, is slated to commence operations by 2029. The steel tycoon, however, did not share an estimate of the overall investments in building the plant.
Simmtech's colocation investment with Micron
Simmtech's CEO Jeffery Chun announced that the company is gearing up for another joint investment with Micron. Simmtech is a South Korean semiconductor critical parts maker. Their goal is to generate employment opportunities for highly skilled individuals in Gujarat. Last year, Micron announced plans to build a semiconductor assembly and test plant in the state, involving a total investment of $2.75 billion (around Rs. 22,540 crore).
India inked important MoUs with UAE
At the Vibrant Gujarat Summit, India and the UAE signed several Memorandums of Understanding (MoUs). The agreements cover renewable energy, innovative healthcare projects, and the development of food parks. These agreements aim to strengthen cooperation in various sectors between the two countries.
Other major announcements made at the summit
NVIDIA's partner firm Yotta will commission an "artificial intelligence data center" in Gujarat International Finance Tec-City (GIFT City) before March 2024. One97 Communications, which owns Paytm, plans to invest Rs. 100 crore in GIFT City to build a global financial ecosystem. Dutch and Singapore companies declared over $7 billion in investments for India in the upcoming fiscal year. Global logistics firm DP World, which started its operation in Gujarat in 2003, will build a container terminal in the state.
