Gujarat Government Inks Agreements Worth $86 Billion Ahead of Vibrant Gujarat Global Summit

February 15, 2024

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Gujarat Government Inks Agreements Worth $86 Billion Ahead of Vibrant Gujarat Global Summit

In preparation for the upcoming biennial Vibrant Gujarat Global Summit, the Indian state of Gujarat has sealed preliminary investment deals totaling 7.17 trillion Indian rupees ($86.07 billion) with 58 companies spanning sectors like energy, oil and gas, and chemicals. Prime Minister Narendra Modi’s home state has been strategically securing these agreements ahead of the summit scheduled from January 10 to January 12 in Gandhinagar.Key Investment HighlightsNTPC Renewable Energy Limited:

Proposed investment of 900 billion Indian rupees ($10.80 billion) for 15 GW renewable energy parks, catering to agricultural power needs.

Additional investment of 700 billion Indian rupees ($8.40 billion) for fuel cell electric vehicles, hydrogen blending, green chemicals production, and 5 GW hydrogen-based energy storage projects.

Torrent Power:

Agreement to invest 474 billion Indian rupees ($5.69 billion) in solar power projects (3,450 MW and 7,000 MW capacity), green hydrogen, ammonia manufacturing, and distribution networks in cities like Ahmedabad and Surat.

With NTPC and Torrent Power leading the charge, these strategic investments signal a robust push by Gujarat to attract both foreign and domestic investors. This move is pivotal as Prime Minister Modi aims to bolster investment in the country ahead of the national elections, where he seeks a third term. Last month, the state government had already secured investment agreements amounting to $18.75 billion, setting the stage for a potentially record-breaking summit attendance.