The state government on Monday signed 11 MoUs, committing investments of more than Rs. 14,000 crore in the chemical, pharma, and related sectors. The MoUs are being signed in the run-up to the upcoming Vibrant Gujarat Global Summit which is slated to take place in Gandhinagar from January 10 to 12.
According to officials, the largest MoU was signed with Mitsu Private Limited. The company proposes to invest Rs. 5,000 crore for chemical, API, pharma, textiles, plastics, and other segments. Gujarat Fluorochemicals signed MoU to invest Rs. 2,000 crore for manufacturing chemicals for batteries of electric vehicles, PVDF binder for EV applications, and PVDF film for solar applications.
Aarti Industries Limited signed four MoUs committing investment of more than Rs. 3,950 crore in the chemical sector. Asian Paints signed MoU to invest Rs. 1,140 crore for setting up an integrated paint factory in Ankleshwar, while Navin Fluorine would invest Rs. 720 crore for a chemical plant in Dahej.
The MoUs have the potential to create more than 29,000, and a majority of the projects envisaged are expected to be completed by 2023. The state government had last Monday signed 20 MoUs, committing investments of Rs. 24,185 crore.
The upcoming Vibrant Gujarat Global Summit 2021 will be the 10th edition of the Summit, which was first held in 2003. The Summit did not take place in 2021 due to the pandemic.