As many as 7,936 memorandums of understanding (MoUs) were inked at the fifth edition of the two-day Vibrant Gujarat Summit 2011 in the western Indian city of Gandhinagar envisaging a whopping investment of $462 billion for Gujarat and expecting to create employment opportunities for about 5.2 million citizens.
Around 101 countries and over 1400 foreign delegates participated in the summit. More than 350 speakers of national and international repute held discussions on economic growth during the summit.
Gujarat chief minister Narendra Modi said around 34 corporate houses had come forward to build economic ties with the Gujarat state government for providing training and employment opportunities to thousands of people including around 1.5 million women.
He said Gujarat has emerged as a role model for other states in terms of economic growth and a platform for large-scale investment for domestic and foreign companies.
In 2009, the previous edition of the summit had resulted in about 4,000 MoUs, attracting investments worth $243 billion.
Modi said the investor meet was not meant for industries alone but would also inspire corporate houses to invest in the social sector.
Gujarat dreams big and the summit confirms the state's capacity to realize those dreams. Government alone cannot bring qualitative changes in society, but people can. If the gap between the government and society gets bridged, the state can scale new heights, he said at the closing ceremony of the investor summit.
Earlier, during the summit eminent corporate houses announced big ticket investments in the western Indian state of Gujarat.
Gautam Adani, chairman of Adani Group topped the list by announcing an investment of $18 billion in power, petroleum and port sectors. Anil Ambani committed to invest $11 billion in Gujarat over a span of five years in power and cement sectors.
Following are the other key big ticket investments lined up:
-- Ruias of the Essar Group have lined up $6.5 billion in power, ports and infrastructure and expansion of its oil refinery at Vadinar.
-- Larsen & Toubro has lined up $3.5 billion in infrastructure projects
-- Mahindra has announced $0.7 billion investment in real estate, resorts and a mini power project
-- Tata Group has already invested $7 billion on its dream small car Nano facility and has pledged to continue investment.
-- Gulabchand will invest $2.6 billion to set up a renewable energy park at its proposed waterfront city at Dholera Special Investment Region, being developed on the lines of Lavasa.
-- Tata Motors Ltd expects to sign an agreement with the Gujarat state government for rural transportation for an undisclosed amount.
-- Kemrock Industries and Exports, manufacturers of reinforced polymer (FRP) composites, has signed a MoU to invest $2.1 billion in Gujarat to set up green field projects for defense and aerospace parks, carbon fibre plant, glass fibre plant and speciality polymers.
-- Tata Housing has signed an agreement with the Gujarat government to invest $0.2 billion for developing a township in the western Indian city of Ahmedabad on a public-private partnership (PPP) model.
-- Tata Teleservices Limited has signed an agreement with the state government to invest $0.15 billion for expanding its 3G roll out in Gujarat state.
-- Binani Cement has signed a MoU to set up a 610 MW power plant, a captive jetty and 5 million tonnes per annum (mtpa) cement making facility entailing an investment of about $1 billion
Gujarat's port sector attracted investment of more than $22 billion as a total of 97 MoUs were signed for development of new ports, expansion of existing facilities and ship-building & repairing activities.
Officials said that 97 MoUs were signed between the developers and Gujarat Maritime Board (GMB). The proposals, by some of the leading players in the sector, envisage additional traffic handling capacity of 650 million metric tonne per annum. The proposed investments would create around 65,000 jobs.
The largest MoU was signed by Adani Hazira Port Pvt Ltd for development of bulk cargo terminal of 80 million metric tonne per annum at Hazira at an investment of $2 billion.
-- Essar Group signed two MoUs, proposing an investment of $2 billion for expansion of its existing deep water jetty at Hazira, and extension of captive coal jetty & new port facilities at Jamnagar.
-- GVK Power & Infra signed a $1.5 billion deal for new port facilities, marine city, private coal terminal and LNG terminal at Okhamadhi at Jamnagar.
-- Sterling Port signed a MoU for $1.2 billion investment in SEZ-linked port facilities at Dahej, while Shapoorji Paloonji has proposed a Greenfield port at an investment of $1.2 billion at Junagadh.
-- POL India Agencies has proposed shipbuilding and ship-repairing yard complex at an investment of $0.8 billion at Jodiya in Jamnagar. Shiva Shipbuilders and Maritime Infrastructure signed MoUs for shipbuilding and ship-repairing yards respectively at an investment of $0.5 billion each.
-- ABG Shipyard signed two MoUs totaling $0.7 billion for expansion of new shipyard at Suva and its facilities at Jageshwar.
While Canada and Japan are partner countries for 2011 summit, the next edition will have US participating as a partner country, Ron Somers, president of US-India Business Council said.