Gujarat eyes more investment in various sector

Gandhinagar: Gujarat government is gearing up to more investments in various sector. The state government aims to bring in whopping Rs. 2 lakh crore of investments in power, oil and gas sectors during the ensuing Global Investors’ Summit in January 2009.

Various companies are likely to enter into memorandums of understanding (MoUs) with Gujarat government to make fresh investments in power, oil and gas sectors. Around Rs. 2 lakh crore of investment is expected to flow into Gujarat during the vibrant summit,” said senior government officials.

It has been learnt that Singapore-based infrastructure firm Universal Success Enterprises (USEL), promoted by Prasoon Mukherjee is likely to ink an agreement to invest Rs. 60,000 crore investment during the summit. The company has plans to set up 12,000 Mw of power plant in the state.

Intially, the company was to set up the project in West Bengal but it is said to have zeroed in on Gujarat for its project after the controversy forced Tata Motors’ to shift its Nano plant to Gujarat. Self sufficiency in power generation is the major thrust area of the State government.

Gujarat’s present installed capacity is over 9,000 Mw against the unrestricted power demand of 11,500 Mw, a deficit of 2,500 Mw. The 16th Electric Power Survey (EPS) carried out by the Central Electricity Authority (CEA) estimates that the demand is likely to grow to over 14,000 Mw by 2012.

Power companies, including Essar, Adani, Torrent, and government-owned companies like GUVNL, are already on way to create power infrastructure to generate additional 11,164 Mw. This would take the total installed capacity of the state to 20,000 Mw by 2012. However, according to the EPS survey, the state’s peak demand would be 18,500 Mw by 2017.

The upcoming would see MoUs being signed for several power projects.