Vibrant Gujarat Summit: Rs 4 lakh crore and counting

The first day of Vibrant Gujarat Summit 2019 saw top corporates announcing mega investment plans for Gujarat, with Reliance chief Mukesh Ambani announcing an investment of Rs3 lakh crore in the state over the next decade.

"Gujarat is Reliance's Janmabhoomi as well as Karmabhoomi. We have so far invested Rs3 lakh crores in Gujarat and created and catalysed over one million livelihood opportunities. Reliance will double this investment and employment numbers over the next ten years," Ambani announced in his address at the summit's inaugural session, which was attended by prime minister Narendra Modi as well as top political and corporate leaders.

Ambani did not elaborate on the investment plans but indicated that a large part of it would be in the telecom and digital technologies space.

Ambani's mammoth investment plans were announced a few minutes after Adani Group chairman Gautam Adani said that his group would invest Rs55,000 crores in the state in the next few years.

"Our investments in Gujarat in the past five years exceed Rs50,000 crores, and we are further accelerating our investments. Over the next five years, our investments will include the world's largest Solar Hybrid Park in Khavda. The anticipated investment is this park is Rs30,000 crores," he announced.

"We also plan to establish a 1 GW data centre park in Mundra, a one million tonne copper smelting and refining project, a cement and clinker manufacturing unit in Lakhpat, an integrated Lithium battery manufacturing complex, and expand our Photovoltaic manufacturing capabilities. Overall, we anticipate a total of Rs55,000 crores of investment in these projects," Adani, who had announced a foray into petrochemicals business through an Rs16,000 crore joint venture with German chemical giant BASF a day earlier.

Describing Gujarat as an investment magnet, Aditya Birla Group chairman Kumar Mangalam Birla, said that the group has invested Rs30,000 crore in the state until now, and would invest another Rs15,000 crore in three years.

"Amongst our major expansion is with Grasim viscose staple fibre plant at Vilayat, and Indian Rayon viscose filament yarn plant at Veraval. These will entail investments of Rs7,500 crore. Investment for expanding chemical business will be around Rs1,000 crore," he said.

Birla said that the group would invest Rs5,000 crore for capacity expansion of Hindalco, and Rs800 crore for mining & mineral sector, and solar power.

Ahmedabad-based Torrent Group said that it would invest Rs10,000 crore in energy and gas businesses.

"We have invested Rs30,000 crore in the state so far. Today, we are committing further investment of more than Rs10,000 crore across renewable energy, power distribution, and gas distribution businesses," Torrent's chairman emeritus Sudhir Mehta announced.

Russian energy giant Rosneft. Which acquired Essar Oil in a $12.9 billion deal in 2017, announced that it would invest $850 million in Gujarat.

"Nayara Energy will sign MoU with the Gujarat government for investing 850 million dollars (approximately Rs6,000 crore) for phase 1 expansion plan which will see the establishment of a new refinery and petrochemical units," Rosneft vice president Didier Casimiro, said.

Tata Group chairman N Chandrasekaran said that the group plans to invest in lithium-ion battery manufacturing in the state, and is also looking to enhance its soda ash production capacity.

"Our group companies like Tata Chemicals and Tata Motors have a very significant presence here. We look forward to continuing our investments," he said.

Vibrant Gujarat Summit has now become a truly global event. The summit has contributed to the confidence building of our enterprises. It has also helped in capacity building and adoption of global best practices by government agencies 
Narendra Modi, Prime Minister

We see Gujarat as a big partner for the Tata group and it’s a place where professionalism is shown at its best. We want to make further investments, not only in manufacturing electric vehicles, but also in lithium ion battery projects 
N Chandrasekaran,  Chairman, Tata group

Gujarat is Reliance’s Janmabhoomi as well as Karmabhoomi. We have invested Rs 3L cr in Gujarat, and created and catalysed over one million livelihood opportunities. Reliance will double this investment and employment over the next ten years 
Mukesh Ambani, CMD, Reliance

Malta is the smallest state in European Union, but like Gujarat, Malta also punches above its weight in economic contributions. Malta is witnessing a new wave of interest from Indian businesses 
Joseph Muscat, PM, Republic of Malta 

I say with great pride that I have been present at every one of the Vibrant Gujarat Summits, and am proud that Gujarat, my home state, has inspired the growth narrative for New India 
Gautam Adani, Chairman, Adani Group

I am one of the biggest optimists about India. Back in 1995, we had bet on China as a manufacturing hub. Now it India’s turn. Till now, we were missing leadership in India. Things have changed here. India has a chance to lead and within India, Gujarat can lead 
John Chambers, Chairman, USISPF