The 10th Vibrant Gujarat Global Summit, starting on January 10, witnessed numerous promises of investments across different fields. Among the key highlights were Tata Group's announcement led by Chairman N Chandrasekaran to establish a significant semiconductor fabrication unit in Gujarat's Dholera, expected to begin operations by 2024. Adani Group also pledged a substantial ₹2 trillion ($24 billion) to support green energy initiatives in Gujarat. Other companies like Maruti Suzuki, Simmtech, DP World, Nvidia, ArcelorMittal Nippon Steel, Reliance Industries, Paytm, and ONGC Videsh made significant investment declarations too, indicating Gujarat's growing reputation as an attractive investment destination.
Top Announcements:
Tata Group's Semiconductor Fab in Gujarat:
Chairman N Chandrasekaran revealed plans to construct a large semiconductor fabrication facility in Gujarat's Dholera, set to start operating in 2024. This move signifies the group's significant venture into chip manufacturing.
Adani's Massive Investment in Gujarat:
Gautam Adani announced a staggering investment of 2 trillion rupees ($24 billion) over the next five years in Gujarat, primarily focusing on green energy projects. This initiative aims to create about 100,000 direct and indirect jobs in the state. Adani Group is also developing the "world's largest green energy park" generating 30 gigawatts.
Maruti Suzuki's New Plant in Gujarat:
Maruti Suzuki, India's leading carmaker, unveiled plans to invest 350 billion rupees ($4.2 billion) in Gujarat. This investment encompasses building a second car plant and adding a new production line at an existing facility, which will increase the annual production capacity to 2 million vehicles.
Simmtech's Collaboration in Gujarat:
South Korean semiconductor parts manufacturer Simmtech expressed readiness for a significant investment in Gujarat in collaboration with Micron. The aim is to create job opportunities for highly skilled individuals and contribute to India's semiconductor supply chain growth.
Nvidia's AI Data Centre in GIFT City, Gujarat:
Nvidia announced its partner Yotta's plan to inaugurate an artificial intelligence data centre in Gujarat International Finance Tec-City (GIFT City) by March-end. This centre is part of Nvidia's joint efforts with Tata Group and Reliance Industries for establishing data centers.
India-UAE MoUs at Vibrant Gujarat Summit:
India and the UAE signed multiple MoUs focusing on renewable energy, innovative healthcare projects, and food park development. These agreements aim to bolster cooperation between the two nations across various sectors.
ArcelorMittal Nippon Steel's Steel Plant in Hazira:
Lakshmi Mittal revealed plans for constructing the world's largest single-location integrated steel plant in Gujarat's Hazira under ArcelorMittal Nippon Steel India. The plant, with a capacity of 24 million tonnes of crude steel, is expected to be operational by 2029.
Global logistics firm DP World intends to build a container terminal in Gujarat, showcasing its commitment to further investing in India. The company stressed its support for manufacturing industries to enhance India's global competitiveness.
Reliance's Carbon Fibre Facility at Hazira:
Mukesh Ambani announced Reliance Industries' plans to establish India's premier carbon fibre facility in Gujarat's Hazira. This aligns with Reliance's green growth commitment and contributes to Gujarat's aim of fulfilling half of its energy needs through renewables by 2030.
Paytm's Investment in GIFT City:
One97 Communications Limited, owner of Paytm, announced a ₹100 crore investment in Gujarat International Finance Tec-City (GIFT City) to create a global financial ecosystem. Paytm aims to leverage GIFT City as an innovation hub for cross-border activities and streamline cross-border remittances.
ONGC Videsh's Global Treasury Centre at GIFT City:
ONGC Videsh Ltd has established a wholly owned subsidiary called OVL Overseas IFSC Ltd in Gujarat’s GIFT City, which will serve as a treasury hub catering to OVL and its 25 subsidiaries across 15 countries.
The 10th Vibrant Gujarat Global Summit showcased a surge in commitments across diverse industries, signifying a promising trajectory for economic growth, innovation, and sustainable development in the region."
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