Gujarat gears up for Rs 1360 cr investment ahead of 2024 Vibrant summit

BILKULONLINE

By Rafat Quadri

Gandhinagar, July 26 : Ahead of the Vibrant Gujarat Summit 2024 slated for January next year, the Gujarat government on Wednesday signed Memorandums of Understanding (MoUs) with six leading industrial houses.

The partnerships herald a proposed influx of Rs 1360 crore investment into the state, setting the stage for substantial job creation. 

Among the prominent names that have committed to kickstart operations at Sanand GIDC Phase-II by 2024-25, include significant players like ArcelorMittal Nippon Steel India Ltd, Ingersoll Rand India Ltd, and Terex India Pvt Ltd from the engineering sector. Pharmaceutical sector leaders Bio Genomics Ltd and OMNIBRX Biotechnology Pvt Ltd, along with World Wide Safety Pvt Ltd from the textile industry, have also pledged investments.

Engineering giants have charted an investment plan of Rs 775 crore, which is projected to generate around 700 jobs at Sanand GIDC Phase-II. The textile industry, represented by World Wide Safety Pvt Ltd, is set to inject Rs 294 crore into the local economy, potentially creating employment for approximately 1800 individuals.

Additionally, the pharmaceutical sector, bolstered by Bio Genomics Ltd and OMNIBRX Biotechnology Pvt Ltd, is looking at a substantial investment of Rs 290 crore, with an expectation of adding 500 new jobs in the state.