Home Business Fifth phase in the series of MoUs for industrial investments in the state as part of the run-up to VGGS-2024

Fifth phase in the series of MoUs for industrial investments in the state as part of the run-up to VGGS-2024

by News Monks

The tenth edition of the Vibrant Gujarat Global Summit will be held in January 2024. Under the guidance of Prime Minister Shri Narendra Modi, the Summit has established Gujarat as the benchmark for the best destination for investment. Under the guidance of Chief Minister Shri Bhupendra Patel, the State Government has undertaken a series of plans to make this summit a success.


For this purpose, as a prelude to the Vibrant Summit, an MoU for setting up industries in the State with various industrialists is already being implemented every week under the guidance of Chief Minister Shri Bhupendra Patel.


In the fifth phase of this initiative, in the presence of the Minister of State for Industry Shri Harsh Sanghvi, four MoUs were signed on August 29, Tuesday.


Accordingly, MoUs were signed to provide a total potential investment worth Rs. 1,000 crore and more than 10,000 employment opportunities in the areas of sustainable environmental projects for textiles, industrial parks, and packaging industries.


As per the MoU, an investment worth Rs. 450 crore will be made by L.B.Tex Private Limited for the textile unit at Kerala, GIDC in Ahmedabad district. The unit that will generate about 1,000 jobs will be operational by January 2024.


An MoU was signed with Mascot South Asia LLP with an investment worth Rs. 288.75 crore to set up an industrial park in an area of 155 hectares at Manpura in Mandal taluka. The park will employ 2,000 people and is scheduled to be operational by March 2026.


MoUs have been signed with investments worth Rs. 99.12 crore for developing infrastructure facilities for an industrial park in an area of 3.34 lakh square metres at Vesma and Kalakachha in Jalalpore taluka of Navsari district. Approximately 6,000 employment opportunities will be available in 209 plots at the industrial parks that will be operational by March 2025.


In addition to these three MoUs, an MoU was also signed to launch a joint venture project between Packem Umasree Private Limited and a Brazilian company for the recycling of PET bottles to produce FIBC Jumbo bags with an investment worth Rs. 161.78 crore.


This sustainable environmental project, to be built on 54,000 square metres at Dholka-Bagodara Road, Gangad in Ahmedabad district, will begin in October 2024 and will provide direct and indirect employment to 1,100 people. The project is a sustainable environmental project of Jumbo Bags PET (PET Bottle to Bag) for recycling bottles for the production of FIBC.


It’s worth noting that in the four phases of the MoU signing program being held every week as a run-up to Vibrant Summit-2024, 15 MoUs of investments totalling Rs. 7,374 crore have been completed to set up various industries in the state. With the commencement of these industries, more than 10,800 potential employment opportunities will be available in the future.


Accordingly, 2100 potential employment opportunities will be created in the textile sector, 700 in the engineering sector, 500 in the pharmaceutical sector, 3085 in the chemical sector, and 4,300 in the energy sector.


In the fifth phase, in a single day, four MoUs have been signed with an investment worth Rs 1,000 crore.


The industrialists who signed the MoUs appreciated the pro-active administration under the leadership of Chief Minister Shri Bhupendra Patel in making it easier for industries to establish their units in the state.


Chief Minister Shri Bhupendra Patel said, “The State has created an environment, making it easier for industry investors to start industries immediately. Our aim is to ensure that industrialists do not face difficulties. The government and industries together will accelerate the pace of development of the state.”


The MoU was signed by Additional Chief Secretary of Industries Department, Shri S.J. Haider on behalf of the State Government and the Industry managers on behalf of the industrialists.


Chief Secretary Shri Raj Kumar, Industries Commissioner Shri Sandip Sagale, Joint Commissioner Shri Kuldeep Arya, and other senior officials of iNDEXTb were present on the occasion of the MoU signing.

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