CIOInsider India Magazine

The Vibrant Global Gujarat Summit 2024 welcomed big investment plans, MoUs, projects, and ties with nations. The future of conglomerates was discussed, centered on India's overall economic development. The investments painted a developed India at the Vibrant Gujarat Summit, which the Prime Minister promised could be achieved by the celebration of the country's 100th Independence Day in 2047. Therefore, the Prime Minister termed the 25-year timeframe as the Amrit Kaal, which would keep its promise of accomplishing that goal.

Conceptualized in 2003 by the Indian Prime Minister, Narendra Modi, the Vibrant Global Gujarat Summit has emerged as one of the most universal forums for business networking, knowledge sharing, and striking strategic partnerships in just 20 years. The Gujarat state has earned itself a status as one of the most preferred investment destinations in addition to being a national leader in various sectors. An entrepreneurial spirit built a resilient and vibrant economy that cemented Gujarat as India’s most industrialized and urbanized state.

To help India continue its focus on structural reforms and the ease of doing business, the Prime Minister cut down over 40,000 compliances and announced the signing of three free trade pacts to attract investments. Let us dive into the investment commitments below.

Reliance’s Mukesh Ambani Envisions a Five-Year Plan
Chairman of Reliance Industries Limited (RIL), Mukesh Ambani, outlined the company's "five major commitments" for Gujarat at the summit. They are as follows:

In Hazira, RIL will establish India's first carbon fiber plant, establishing Gujarat as a "leader in new materials and circular economy."

The Reliance group has begun construction on the Dhirubhai Ambani Green Energy Giga Complex, which will span 5,000 acres near Jamnagar, with the goal of helping the state satisfy 50 percent of its energy needs through renewable energy by 2030.

The retail division of RIL, Reliance Retail, aims to assist the state's farmers and provide "quality products" to the people.

With the completion of the "fastest 5G rollout" globally, RIL's "5G-enabled artificial intelligence (AI) revolutions" will generate employment opportunities for the state.

Tata Group’s N Chandrasekaran is Strong on Semiconductor Plans
Tata Group's Chairman, N Chandrasekaran, announced a set of manufacturing plans starting with the establishment of a large semiconductor fabrication plant at Dholera, Gujarat. This project is already in the last leg of negotiations, and its operations are set to begin this year.

In the next two months, the group envisions to start building a 20-gigawatt lithium-ion storage battery factory in Sanand city, Gujarat. As a part of its construction plans, the group already has its hands busy with the C295 defense aircraft in Vadodara, which it plans to extend manufacturing operations to Dholera.

Also this year, the group plans to execute the first phase of its Indian Institute of Skills that combines the efforts of both the state and central governments.

Adani Group’s Gautam Adani Envisions a Space-Visible Green Park
The wealthiest Asian man, Gautam Adani, said the group has invested Rs.2 trillion in Gujarat in five years, which he said will be primarily focused on building the world’s largest clean energy project that can be seen even from space. Additionally, the conglomerate revealed plans to build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers.

Then, a green energy park, also aimed to be the world's biggest, is planned for Gujarat's Rann of Kutch desert, covering 725 square kilometers. The park will generate 30 gigawatts of electricity from both solar energy and an integrated renewable energy manufacturing ecosystem for solar and wind. The construction of these green projects is believed to create the largest integrated renewable energy ecosystem.

Adani said that of the Rs 55,000 crore in investments that were promised by 2025 at the previous summit, the group has already made over Rs 50,000 crore. According to the head of Adani Group, India's GDP has increased by 185 percent and per capita income by 165 percent since 2014.

Maruti Suzuki India’s Toshihiro Suzuki Pitched an Investment Plan
Toshihiro Suzuki, president of Suzuki Motor Corporation, announced that Maruti Suzuki India (MSI) would invest Rs 35,000 crore to establish its second manufacturing site in Gujarat as part of its plan to increase yearly production capacity to above 40 lakh units by 2030–31. In FY2028–2029, the new factory is anticipated to begin operations. Toshihiro Suzuki revealed that Suzuki Motor Gujarat will get Rs.3200 crore from the Suzuki Group to build a fourth production line that can produce 2.5 lakh units annually.

ArcelorMittal’s Lakshmi Mittal Promises World-Class Steel Manufacturing Factory
By 2029, ArcelorMittal, a steel production company, plans to construct the largest steel manufacturing facility in the world at Hazira, Gujarat, according to company chair Lakshmi Mittal. According to the steel baron, the steel manufacturing site's first phase will be finished by 2026, and its second phase, designated by a Memorandum of Understanding (MoU), will be by 2029. When the additional manufacturing facility is put into service, it will be the largest steel manufacturing site in the world, producing about 24 million tonnes (MT) of steel.

Simmtech and Micron to Open 1000 Job Opportunities
According to Simmtech's global CEO, Jeffrey Chun, the South Korean semiconductor critical parts manufacturer is getting ready for another colocation investment with Micron. Simmtech is prepared to make "a significant investment in India and create thousands of job opportunities for highly skilled talents in the state of Gujarat together with Micron."

Nvidia to Host an AI Data Center
Before the end of March 2024, Gujarat International Finance Tec-City will host an artificial intelligence data center, according to news from Nvidia, a major foreign investor in the global computer industry, and its partner, Yotta.

DP World to Bolster ties between UAE and India
DP World’s CEO, Sultan Ahmed Bin Sulayem, unveiled investment plans and plans to extend the company’s economic development in Gujarat and India. He said that the company will be investing $ 3 billion in the next three years while providing support to Gujarat’s container terminal for Kandla Port. Also, the company promised trade, employment, and cultural collaboration between the UAE and India.

It has also signed an MoU at the sidelines of the summit that underlines its partnership with the government towards the development of India’s logistics sector.