The Vibrant Gujarat Global Summit 2024 commenced on Wednesday at Gandhinagar's Mahatma Mandir. The summit, themed 'Gateway to the Future' and the event is scheduled from January 10 to 12.
Prime Minister Narendra Modi on Wednesday inaugurated the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar, along with numerous global leaders.
This edition of the Vibrant Gujarat Global Summit celebrated 20 Years of Vibrant Gujarat as the Summit of Success. The Vibrant Gujarat Global Summit was started in 2003 under the leadership of Modi when he was the state chief minister.
On the first day of the Vibrant Gujarat Global Summit 2024, which commenced on January 10th, several business giants announced their investments and plans in Gujarat during the summit. Here is the list of key takeaways from various business tycoons.
1. Gautam Adani
Gautam Adani, Chairman of the Adani Group, announced at the event that the group would invest over Rs 2 lakh crore, equivalent to USD 25 billion, thereby creating over 100,000 direct and indirect jobs in Gujarat over the next five years.
He also shared further investment plans for the Adani Group, which includes the construction of the world's largest green energy park in Khavda, Kutch. This project, spanning 725 square kilometers and producing 30 GW of renewable energy, is so extensive that it will be visible even from space.
2. Mukesh Ambani
Mukesh Ambani, addressing the summit, highlighted Reliance's significant investments, exceeding USD 150 billion in the past decade, with over one-third directed towards Gujarat. He also expressed Reliance's commitment to contribute to Gujarat's global leadership in green growth, aiming to fulfill half of the state's energy needs through renewables by 2030
Further, Reliance is also setting up India's first and world class Carbon Fibre facility at Hazira.
He also announced the construction of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, covering 5,000 acres. This initiative will create numerous green jobs and facilitate the production of eco-friendly goods, positioning Gujarat as a leading exporter. The company plans to roll out this project in the second half of 2024.
3. Lakshmi Mittal
Lakshmi Mittal, at the summit, announced that ArcelorMittal Nippon Steel India (AM/NS India) is constructing the world's largest integrated steel plant in Hazira, Gujarat. He announced the signing of an agreement for the second phase of the project with the Gujarat government during the event. The ongoing work on the first phase, initiated in 2021, is on schedule, and the inauguration of the first phase is anticipated by 2026.
4. Toshihiro Suzuki
Suzuki Motor Corporation President Toshihiro Suzuki announced at the summit that Maruti Suzuki India (MSI) plans to invest Rs 35,000 crore in establishing its second manufacturing facility in Gujarat. This initiative aims to increase the annual production capacity to over 40 lakh units by 2030-31. Suzuki Motor Corporation holds approximately 58 per cent stake in MSI.
5. N Chandrasekaran
Tata Sons Chairman, N Chandrasekaran, announced plans for Tata Group to establish a cutting-edge semiconductor fabrication plant in Gujarat, supporting India's aim to become a global chip hub.
Chandrasekaran stated that negotiations for the semiconductor fab in Dholera are nearing completion, with plans to commence in 2024. Additionally, Tata is expected to initiate the construction of a 20 gigawatts battery storage factory in Gujarat soon, marking a strategic move to strengthen its position in the renewable energy sector and contribute to India's sustainable power goals.
6. Yusuff Ali M.A.
Yusuff Ali M.A., Chairman & Managing Director of LuLu Group, announced during the event that the company is planning to construct India's biggest shopping mall in Ahmedabad, with an estimated cost of Rs 4,000 crore.
7. Essar Group
During the event, Prashant Ruia, Promoter Director of the Essar Group, announced the company is setting up a 1 Gigawatt (1,000 Megawatt) Green Hydrogen project in Jamnagar. Additionally, the company plans to expand its operations in the port and power sectors in the western state.
8. Other major announcement
Singapore announced a significant investment of 27,000 crores in the state, showcasing a robust commitment to economic collaboration.
DP World announced a substantial investment of 25,000 crores in the Ports and Logistics sector.
Torrent Power unveiled its plans to invest a substantial 47,000 crores in the energy sector.
Strengthening bilateral ties, the UAE and India inked four Memoranda of Understanding (MoUs), outlining collaboration on various strategic projects.
Deakin University, a prominent institution from Australia, opened its global expansion by inaugurating a campus in GIFT city.