Ahead of the biennial Vibrant Gujarat Global Summit slated to occur from January 10 to 12 in the state capital Gandhinagar, Gujarat, the home state of Prime Minister Narendra Modi, has finalised preliminary investment agreements with 58 companies. These agreements span various sectors such as energy, oil and gas, and chemicals.
Anticipated to attract a record influx of both foreign and domestic investors to the western state, this summit is perceived as a significant initiative by Modi to bolster investment in the country. This push comes just months ahead of the national elections, wherein he is vying for a third term.
Among the companies involved, ArcelorMittal Nippon Steel India inked a substantial commitment of 1.14 trillion rupees ($13.68 billion) for a green hydrogen project, an integrated steel plant, and an expansion of its current steel manufacturing capacity in the state, as per official documents from the state government.
Additionally, NTPC Renewable Energy Limited proposed an investment of 900 billion rupees ($10.80 billion) to establish 15 gigawatt (GW) renewable energy parks and projects aimed at fulfilling the power requirements of the agricultural sector, according to a senior official from the Industries Department.
Furthermore, NTPC expressed plans for an additional investment of $8.40 billion. This investment would be directed towards fuel cell electric vehicle mobility, hydrogen blending with natural gas, and the production of green chemicals like ammonia and methanol, as specified by the official.