Gujarat government signs pacts worth billions ahead of global summit

Business
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He gujarat The government has announced initial investment agreements totaling $86.07 billion with 58 companies.

These companies, including NTPC and Torrent Power, are part of industries such as energy, oil and gas and chemicals.

These agreements come just ahead of the biennial Vibrant Gujarat World Summit, which will take place in Gandhinagar from January 10 to 12.

NTPC Renewable Energy will invest more than 19 billion dollars

NTPC Renewable Energy Limited plans to invest $10.8 billion in 15 gigawatt (GW) renewable energy parks and projects aimed at the energy needs of the agricultural sector.

Additionally, NTPC intends to invest $8.4 billion in fuel cell electric vehicle mobility, blending of hydrogen with natural gas, production of green chemicals such as ammonia and methanol, and 5-year hydrogen-based energy storage projects. GW.

What about the power of torrents?

Torrent Power has agreed to invest $5.69 billion. It will be used for solar power projects with capacities of 3,450 MW and 7,000 MW, green hydrogen and ammonia manufacturing plants and distribution networks in cities such as Ahmedabad and Surat.

Summit expected to attract record number of investors

The Vibrant Gujarat World Summit is expected to attract a record number of domestic and foreign investors to the state this month.

This event represents the Prime Minister Narendra ModiTrump's big push to encourage investment in India just months before the national elections, where he will seek a third term.

Last month, the state government signed similar investment deals totaling $18.75 billion.