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Over 24,000 Investment Intentions inked in Vibrant Gujarat Summit

Over 24,000 Investment Intentions (IIs) have been signed so far during the ongoing 'Vibrant Gujarat Global Summit', including some big ticket agreements worth thousands of crores of rupees.

Press Trust Of India

Updated:January 11, 2017, 11:16 PM IST
Over 24,000 Investment Intentions inked in Vibrant Gujarat Summit
Prime Minister Narendra Modi in the group photograph with the Global CEOs, at the Vibrant Gujarat Global Summit 2017, at Mahatma Mandir, in Gandhinagar, Gujarat on January 10, 2017. The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley and the Chief Minister of Gujarat, Shri Vijay Rupani are also seen. (Image: PIB)

Gandhinagar: Over 24,000 Investment Intentions (IIs) have been signed so far during the ongoing 'Vibrant Gujarat Global Summit', including some big ticket agreements worth thousands of crores of rupees.

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

"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 IIs 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 a 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 a 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 a 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 a MoU with the government to set up a clinker unit with an investment of Rs 5,500 crore.

Other companies like Ultratech Cement, Shree Cement and Vadraj Cement Ltd also signed MoUs with the Gujarat government for setting up their cement plants, each having proposed investment of over Rs 2,500 crore.

Meanwhile, CEO of GIFT City Ajay Pandey said NSE is also opening their international exchange at the city by February this year.

On January 9, Prime Minister Narendra Modi had inaugurated BSE's international exchange at GIFT City.

"Now, GIFT City will have two international exchanges, as NSE has announced today that it has been given in-principle approval from SEBI to start their operation here. They today announced that NSE's international exchange would be operational from February," Pandey told reporters.

| Edited by: Puja Menon
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