Reliance and Adani Group Sign Big Ticket Deals at Vibrant Gujarat

The Vibrant Gujarat Summit 2022 has seen billions of dollars being committed to the state. Most of the commitments came from two of India’s biggest industrial houses, which have their base in Gujarat. The Mukesh Ambani led Reliance group and the Adani group have made mega commitments to Gujarat, most of it being in the green energy space.

The Vibrant Gujarat Summit was first held in 2003, in the aftermath of the devastation caused  by the Gujarat earthquake in 2001 and the communal violence in 2002. Over the last 2 decades, Gujarat has emerged as an investor friendly state with a strong magnetic ability to attract investments from all corners of the world.

At the Summit, Mukesh Ambani confirmed that his group had already invested up to Rs.300,000 crore in Gujarat creating more than 10 lakh livelihoods in the process. Mukesh Ambani also promised to double their commitment to the state of Gujarat, in terms of funds and jobs, over the next decade.

During the Vibrant Gujarat Summit, Mukesh Ambani has also laid out a grand vision of investing close to $80 billion in new energy and other initiatives. He also confirmed that many of the initiatives in solar power and also in the manufacture of electrolysers and solar equipment and green hydrogen will be based out of the state of Gujarat.

At the same time, the Adani group led by Gautam Adani, has committed up to Rs.55,000 crore in Gujarat in the next five years. Specifically, Adani plans to invest Rs.30,000 crore in setting up the world’s largest Solar Hybrid Park in Khavda, in Gujarat. In addition, Adani group also plans to set up a one-gigawatt Data Centre Park in Mundra.

Apart from the above, Adani also plans a 1 million tonne copper smelting and refining project, a cement and clinker unit in Lakhpat and lithium battery manufacturing complex. Adani group will also invest in expanding its photovoltaic manufacturing capabilities in the state of Gujarat. It may be recollected that Adani group was the first  business group to commit $70 billion to green energy initiatives, including green hydrogen.

Other business groups have also shown enthusiasm about investing in Gujarat including the Tata group, Suzuki Motors, Rosneft of Russia etc. The Aditya Birla group will invest Rs.15,000 crore in Gujarat across various verticals. Kumar Mangalam Birla also confirmed that the Aditya Birla Group had rapidly increased investments in the state the state of Gujarat due to a business-friendly environment.