"Gujarat Government Inks Agreements Worth $86 Billion in Anticipation of Investment Summit"

Gujarat Inks Investment Agreements Worth $86 Billion with 58 Companies Ahead of Global Summit

India's state of Gujarat announced on Wednesday the signing of preliminary investment agreements totaling 7.17 trillion Indian rupees ($86.07 billion) with 58 companies operating in key sectors, including energy, oil and gas, and chemicals. As the home state of Prime Minister Narendra Modi, Gujarat has strategically initiated these agreements in anticipation of the upcoming Vibrant Gujarat Global Summit, scheduled to be held in the state capital Gandhinagar from January 10 to January 12.

Among the prominent companies entering into pacts is NTPC Renewable Energy Limited, proposing an investment of 900 billion Indian rupees ($10.80 billion) to develop 15 gigawatt (GW) renewable energy parks and projects catering to the power needs of the agricultural sector. Additionally, NTPC expressed interest in a further investment of 700 billion Indian rupees ($8.40 billion) for initiatives such as fuel cell electric vehicle mobility, hydrogen blending with natural gas, production of green chemicals like ammonia and methanol, and 5GW hydrogen-based energy storage projects.

Torrent Power also inked an agreement committing to invest 474 billion Indian rupees ($5.69 billion) in solar power projects with capacities of 3,450 MW and 7,000 MW, along with the establishment of green hydrogen and ammonia manufacturing plants, and distribution networks in cities including Ahmedabad and Surat.

Both NTPC and Torrent Power are yet to respond to requests for comments on these agreements.

The forthcoming Vibrant Gujarat Global Summit is expected to attract a record number of foreign and domestic investors to the western state. This event is considered a significant push by Prime Minister Modi to stimulate investment in the South Asian nation, strategically timed just months ahead of the national election where he seeks a third term. Last month, the state government had already signed similar investment agreements totaling $18.75 billion, indicating a robust momentum in Gujarat's efforts to bolster economic growth and attract substantial investments.

BS