Gujarat flooded with huge investments; RIL signs six MOUs

Ahmedabad, Jan 12 (UNI) Reliance Industries today signed six MoUs worth Rs 67,550 crores relating to Jamnagar SEZ refinery&polypropylene plant, coal and lignite's gasification, development of port city, gas distribution and a gas pipeline under consideration to link Godavari to Karnavati, Reliance Industries Chairman Mukesh Ambani said.

Speaking at the inaugural session of 'Vibrant Gujarat Global Investors Summit 2007' at the Science City here, Mr Ambani said,'' RIL has an emotional bond with Gujarat which transcends emotional issues of the moment. His aim is to see that ''RIL is committed to make it a reality''.

Calling Gujarat a ''revenue positive'' state, he said all this is due to fiscal discipline of the state government which takes into consideration the interests of all sections of the society.

Gujarat is rich and not bankrupt. Elsewhere India derives its strength from agriculture while here agriculture has a double digit growth, he said.

''This will be our first state where we will bring our corporate governance to create logistics in rural Gujarat. The investments, made here direct or indirect, will provide employment for two lakh people, in the coming years,'' Mr Ambani said.

Reliance will create a world class private university in the area of life sciences in Gujarat in ''my father's name'' for enhancing competency and development skills of the future workforce.

All this signifies Reliance's commitment to the overall development of the state, he added.

In partnership with the Gujarat government, Reliance's contribution to SEZ building is the investment of Rs 25,000 crore on SEZ that will be ready for commissioning by middle of next year in Jamnagar, he said.

Vibrant Gujarat has been a milestone for Reliance Industries when it signed MOUs of Rs 9,300 crore in the first Vibrant Gujarat in 2003 in petrochemical and petroleum domains. ''We have virtually completed all our projects that were announced then,'' Mr Ambani said.

''In 2005 Summit, we had promised to expand our refinery and today we have already started the construction of a brand new refinery at Jamnagar which will be ready in 2008,'' he said.

In his short speech, Mr Ratan Tata, member, National Investment Advisory Commission said Tatas will help in setting up 4,000 MW power plant in Gujarat and the details of its implementation are being worked out. Tatas will focus on tourism and manufacturing, he added.

MORE UNI