RIL plans major investments in Gujarat; more in the offing

Ahmedabad, Jan 12 (UNI) It rained moolah on Gujarat's industrial horizon today with business tycoons, led by Reliance Industries Chief Mukesh Ambani, signing MoUs worth Rs 2,10,000 crore with the Narendra Modi-government to give a momentum to its development saga.

Participating in the inaugural session of the third edition of the two-day 'Vibrant Gujarat Global Investors Summit' at the Science City here, Mr Mukesh Ambani said his company would invest Rs 67,000 crore in a host of projects like the Jamnagar SEZ, lignite coal gasification, port city of Jamnagar, city gas pipeline and retail chain.

He also said the MoUs, to be signed in the day, would include bringing in gas from the Godavari basin.

''Gujarat will be our first state where we will bring our corporate governance to create logistics in rural Gujarat. This will provide through our investments in the coming year jobs for two lakh people,'' he announced.

Describing RIL as a ''Gujarati, Indian and global company,'' Mr Ambani said he had also attended the earlier two editions of the biennial summit in 2003 and 2005.

He said 'Vibrant Gujarat' had been a milestone for Reliance Industries when it signed MoUs worth Rs 9,300 crore in 2003 in the petrochemical and chemical projects, all of which had gone on stream.

In 2005, he said the company had signed said an MoU for setting up a refinery in the Jamnagar SEZ, which was likely to be completed next year.

Mr Ambani said he had already invested over Rs 35,000 crore in the Jamnagar SEZ.

In yet another bonanza for the state, he announced that Reliance would create a world class university in ''my father's name'' for enhancing competency and development skills of the future workforce.

''I have a bond with Gujarat which transcends emotional issues of the moment. My aim is to see that RIL is committed to make it a reality,'' he added.

In his rather brief speech, Mr Ratan Tata, Chairman, National Investment Advisory Commission, said the Tatas would help in setting up a 4,000 MW power plant in Gujarat and the details of its implementation were being worked out. ''We will focus on tourism and manufacturing.'' Mr Kumaramangalam Birla, Chairman of Aditya Birla group, promised additional Rs 3,700 crore of investment in the state.

''We have invested Rs 7,000 crore. With our investments so far, we have provided employment to more than 8,000 people,'' he said.

Essar Group Chairman Shashi Ruia said his group investments in Hazira would be Rs 10,500 crore. He supported the special economic zones being developed in the country. ''SEZs are not about land acquisition but creating opportunities and world class business initiatives.'' ''I believe in people's power and in partnership. This is the appropriate forum to chalk out a growth path for the future,'' he added.

Mr Das Gupta, Chairman and Managing Director (CMD) of Petronet India Ltd, said a partnership with Adani is being worked out and Petronet will be investing Rs 7,000 crore by 2010.

Mr Sudhir Mehta, Chairman, Torrent Group, said his company would invest Rs 9000 crore for a 2000 MW power project at Pipavav.

Mr Pankaj Patel, CMD, Zydus Cadilla, promised investments worth Rs 5,300 crore plus setting up of two SEZs in Ahmedabad and Bharuch. The investments covers setting up of a life science school in Ahmedabad.

On the other hand, Indravadan Modi of Cadila Pharmaceuticals, said he would be signing MOUs worth Rs 2,300 crore tomorrow. ''And this will be multiplied in times to come,'' he added.

Mr Ravi Sanghi of Sanghi Industries, said Rs 5,100 crore would be invested to set up a mega power plant in Gujarat that would produce 1200 MW and it would also include a railway line.

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