Top business tycoons, including Reliance Industries Ltd chairman Mukesh Ambani, Adani Group founder Gautam Adani and Suzuki Motor Corp. President Toshihiro Suzuki, announced investment plans worth more than Rs 2.35 lakh crore on the first day of the Vibrant Gujarat Summit 2024.
Over the past two decades, the Vibrant Gujarat Summit has emerged as a global business-networking event to showcase the state’s investment-friendly environment and attracted significant investments into the state. The push has helped Gujarat become one of India’s most preferred investment destinations and fostered partnerships with major global and local corporations.
Addressing the summit, Prime Minister Narendra Modi highlited India’s robust economic growth, saying, “Today, all major agencies estimate that India will be among the top three economies in the world in the coming years. Let people across the world do their analysis, but it is my guarantee that it will happen.”
Key announcements:
Mukesh Ambani pledged Reliance would set up India’s first carbon fibre facility at Hazira in Gujarat. Ambani emphasised that Reliance will continue to be a Gujarat-based company. Highlighting the substantial investments made by Reliance, he disclosed that the company has invested over $150 billion (Rs 12 lakh crore) into developing world-class assets and capabilities across India in the past decade. Significantly, Gujarat received more than one-third of this investment, underscoring the company’s commitment to the region.
Natarajan Chandrasekaran
Tata Sons chairman Chandrasekaran said the group will unveil plans for a new semiconductor fabrication plant in Gujarat later this year.
This move is in line with Modi’s agenda of developing capacity to manufacture chips in India.
Chandrasekaran also announced that Tata Motors will set up a factory to manufacture lithium-ion batteries in Sanand, Gujarat, with an initial manufacturing capacity of 20 gigawatt-hours to meet the growing demand for electric vehicles. The investment will occur in two phases, with work set to start in the next couple of months.
Gautam Adani
Gautam Adani announced an investment of more than Rs 2 lakh crore in Gujarat, with a focus on setting up a green energy park that boasts visibility even from outer space. Adani expects this initiative to generate approximately 1 lakh jobs. Adani highlighted that out of the Rs 55,000 crore commitment made at the previous summit, Rs 50,000 crore has already been spent.
Toshihiro Suzuki,
Toshihiro Suzuki, president of Suzuki Motor Corp., announced that Maruti Suzuki India Ltd, the company’s local unit, will invest Rs 35,000 crore to set up its second manufacturing facility in Gujarat as it looks to ramp up annual production capacity to over 40 lakh units by 2030-31. The new plant is believed to start operation in FY2028-29.
Lakshmi Mittal
ArcelorMittal executive chairman Lakshmi Mittal said the company will build the world’s single-biggest steel factory at Hazira in Gujarat by 2029. The factory will have a capacity to produce 24 million tonnes per annum.
Sanjay Mehrotra
Micron Technology chief executive officer (CEO) Sanjay Mehrotra praised the government’s vision to make India a global hub for semiconductors. In September, the US chipmaker started construction of a $2.75 billion semiconductor testing and packaging facility in Gujarat’s Sanand. Of this, Micron will infuse $825 million (approximately Rs 6,760 crore), with the government subsidising the rest in two phases.
