The Hindu Business Line : IL&FS inks MoU for Rs 5,000-cr investment in Gujarat

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IL&FS inks MoU for Rs 5,000-cr investment in Gujarat

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Ahmedabad, Sept. 9 IL&FS Ltd, India’s leading infrastructure development and financial services company, has signed a Memorandum of Understanding (MoU) at Dalian, China, attracting investment to the tune of Rs.5,000 crore in Gujarat.

IL&FS inked this MoU securing advance booking for six million square feet in the upcoming Gujarat International Finance Tech-city (GIFT), near Gandhinagar.

Mr Yao Wen Lin, Board Chairman of ECADI, which is planning and designing GIFT, met Chief Minister Narendra Modi during the just-concluded three-day meeting of World Economic Forum (WEF) at Dalian.

“He committed to design GIFT to a standard far superior to that prevalent in Shanghai, China,” said Mr D Rajagopalan, Additional Chief Secretary (Industries and Mines Department), Gujarat Government, here today.

Business delegation

Briefing reporters after the conclusion of the visit of a 21-member business delegation from the State at Dalian from September 6 to 8, led by Mr Modi, he said GIFT is drawing up a final blueprint to emerge as the national benchmark for integrated city development and the project would be completed by 2010.

Once established, GIFT would be a world-class city model.

Members of the delegation, including Mr Gautam Adani, CMD of the Adani Group, were also present at the briefing.

Mr Rajagopalan said Mr Modi was the only Chief Minister from an Indian state to have been invited to Dalian in which 1,700 people from 90 countries participated.

The Gujarat delegation interacted with their counterparts from different countries in 35 meetings in 48 hours.

Earlier, two Gujarat-based companies had inked MoUs with their Chinese counterparts soon after reaching Dalian last week.

Ajanta (Orpat) Ltd signed an MoU with Unitedmetaltek of Hangzhou, China, to set up a project at Morbi in Gujarat with an investment of nearly Rs 100 crore.

The new venture, Ajanta Unimetaltek Ltd, will commence work on this project within three months.

Similarly, Electrotherm India Ltd, which launched battery-operated two-wheelers last year, signed an MoU with Ningbo Olisen Bipolar Batteries Company Ltd, China, for technology transfer to manufacture special kind of high-energy electric two-wheeler batteries.

During a meeting, Prof. Klaus Schwab, Founder and Executive Chairman, WEF, has invited Mr Modi to attend the Forum meeting at Davos in January 2008, Mr Rajagopalan said.

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