During the Vibrant Gujarat Summit 2024, prominent industrialists such as Mukesh Ambani, Gautam Adani, and Toshihiro Suzuki announced investment plans exceeding Rs 2.35 lakh crore. This summit has gained recognition as a prominent global business-networking event over the last twenty years. It serves as a platform to highlight Gujarat’s investment-friendly atmosphere and has successfully attracted substantial investments to the state. As a result, Gujarat has become a preferred investment destination in India and has established partnerships with both local and international corporations.
The Prime Minister’s Voice:
During his speech at the summit, Prime Minister Narendra Modi highlighted India’s strong economic growth, stating that various prominent agencies predict India to be one of the top three economies globally in the near future. While acknowledging the analyses conducted by individuals worldwide, the Prime Minister assured that this outcome is guaranteed.
Mukesh Ambani made an announcement regarding Reliance’s plan to establish the first carbon fibre facility in India at Hazira in Gujarat. Ambani stressed that Reliance will remain a company based in Gujarat. He emphasized the significant investments made by Reliance, disclosing that the company has dedicated over $150 billion (Rs 12 lakh crore) to develop top-notch assets and capabilities throughout India in the last ten years. Notably, Gujarat received more than one-third of this investment, highlighting the company’s dedication to the region.
In addition, Chandrasekaran revealed that Tata Motors intends to establish a production facility in Sanand, Gujarat, for the purpose of manufacturing lithium-ion batteries. This facility will initially have a manufacturing capacity of 20 gigawatt-hours, in order to cater to the increasing need for electric vehicles. The investment will be carried out in two stages, with the commencement of work scheduled for the upcoming months.
Gautam Adani has revealed plans to invest over Rs 2 lakh crore in Gujarat, with a primary emphasis on developing a green energy park that will be visible even from space. This ambitious project is expected to generate around 1 lakh job opportunities. Adani emphasized that out of the Rs 55,000 crore commitment made during the previous summit, Rs 50,000 crore has already been utilized.
Toshihiro Suzuki, the president of Suzuki Motor Corp., has revealed that Maruti Suzuki India Ltd, the local unit of the company, intends to allocate Rs 35,000 crore for the establishment of its second manufacturing facility in Gujarat. This strategic move aims to enhance the annual production capacity to more than 40 lakh units by the year 2030-31. The anticipated commencement of operations for the new plant is set for the fiscal year 2028-29.
Lakshmi Mittal, the executive chairman of ArcelorMittal, announced plans to construct the largest steel factory in the world at Hazira in Gujarat by 2029. This state-of-the-art facility will have a remarkable production capacity of 24 million tonnes per year.Sanjay Mehrotra, the CEO of Micron Technology, commended the government’s ambitious vision to establish India as a global center for semiconductors. In September, Micron, a leading US chipmaker, initiated the construction of a cutting-edge semiconductor testing and packaging facility in Sanand, Gujarat, with a total investment of $2.75 billion. Micron will contribute $825 million (approximately Rs 6,760 crore), while the government will subsidize the remaining amount in two phases.