Torrent Group has signed four MoUs to invest Rs 47,350 crore in areas of solar energy, green hydrogen and power distribution in Gujarat, its chairman emeritus Sudhir Mehta said on Friday.
"In line with our strategic priorities and encouraged by our positive experience of working in Gujarat, I am pleased to share that Torrent Group has signed 4 MoUs during Vibrant Gujarat 2024, involving a total investment of Rs 47,350 crore," Mehta said in a statement. Group entity Torrent Power has signed four non-binding Memorandums of Understanding (MoU) with the Gujarat government in areas of renewable generation, pumped storage hydropower projects, green hydrogen production and power distribution. The first MoU comprises creation of 3,450 MW of solar projects and 1,045 MW of hybrid power projects involving a proposed investment of Rs 30,650 crore.
Another MoU involves an investment of Rs 4,500 crore in infrastructure development of a solar park with a capacity of 7,000 MW in Banaskantha district, the statement said.
The third MoU aims to create a green hydrogen production facility with a capacity of 100 KTPA (kilo tonnes per year), involving an investment of Rs 7,200 crore.
The fourth MoU relates to an investment of Rs 5,000 crore in Torrent Power's distribution business in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Mandal Becharaji SIR.
Torrent Group is one of the largest investors in Gujarat in the pharmaceutical, power generation, power distribution and gas distribution sectors, Mehta said.
These MoUs are expected to create more than 26,000 direct and indirect jobs in Gujarat, he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
