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12 MoUs to attract investments worth ₹14,000 crore ahead of Vibrant Gujarat summit

Rutam V Vora | | Updated on: Nov 29, 2021
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Most investments in chemicals sector, to collectively generate 28,500 jobs

The Gujarat Government on Monday informed that 12 more Memorandums of Understanding (MoU) would be signed committing investments worth over ₹14,003 crore. The proposed investments will generate collective employment for 28,585 in the State.

The MoUs are being signed as a precursor to the mega business event -Vibrant Gujarat Global Summit (VGGS) planned for January 2022.

Mitsu Private Limited to invest ₹5,000 crore

In the second tranche of the MoUs signed on Monday, largest investment commitment of ₹5,000 crore came from diversified player Mitsu Private Limited for chemicals, pharmaceuticals, API, textiles, engineering and plastics. The company proposes to provide employment to 15,000 people through the investments, which is expected to start in 2025.

Other prominent companies include Aarti Industries Limited and Aarti Drugs Limited with total investment commitment of ₹3,951.1 crore and ₹475 crore from the group in the multiple areas of chemicals, pesticide, specialty and intermediate chemicals to be set up at Jhagadiya, Dahej and Vapi. The projects will generate employment for over 6,000 people.

Gujarat Fluorochemicals Limited has committed ₹2,000 crore for electric vehicle batteries and applications. The company will set up the project by 2024 at Dahej industrial estate providing employment to 1,450 people.

Dyes and colour major, Asian Paints Limited has committed investments worth ₹1,140 crore for integrated paints factory at Ankleshwar providing 3,900 jobs.

Also read: 20 MoUs totalling ₹24,185 cr investments signed ahead of Vibrant Gujarat Summit

Among other companies, Navin Fluorine Advanced Sciences Limited has signed MoU for ₹720 crore in the chemicals space, Pragna Specialty Private Limited for ₹500 crore in chemicals and intermediates, Steve Healthcare Pvt Limited for ₹117 crore in the pharmaceutical medical production and Sanjopin Industries Pvt Limited signed MoU at ₹100 crore for dyes and intermediates. Most of the investments are planned to come up at Bharuch and Dahej.

As a weekly feature, Gujarat Government announces the MoUs signed by the companies promising investment . Last week, 20 companies had inked MoUs worth ₹24,185 crore collectively generating employment for 36,925 people.

Chief Minister Bhupendra Patel conducted roadshows ahead of the summit in New Delhi last week, inviting companies to participate in the summit and invest in the State.

Published on November 29, 2021

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