Vibrant Gujarat Global Summit 2024: Top 10 investment announcements

Vibrant Gujarat Global Summit 2024: Top 10 investment announcements

Gautam Adani, Mukesh Ambani, and others announced billions of dollars in investments at the Vibrant Gujarat summit 2024.

Gujarat Global Summit 2024 kicked-off on January 10 and will continue until January 12. The main focus of the event was on Prime Minister Narendra Modi’s declaration of confidence in the country’s future. However, on Wednesday, the world’s leading business leaders made a number of announcements regarding investment and projects in India.

Gautam Adani, India’s richest business magnate, and his business partner, Mukesh Ambani, addressed the media during the Gujarat summit to discuss the future of the conglomerate’s presence in the state. The two leaders also announced billions of dollars in investments in Gujarat over the next few years.

Vibrant Gujarat Summit 2024: Top 10 announcements

1. Gautam Adani, India’s richest man, declared at Vibrant Gujarat global summit 2024 that Adani Groups will spend $24 billion over the next 5 years in Gujarat, adding that the investment will result in 1 lakh jobs in the state.

2. Gautam Adani further said that his company will invest about $100 billion in India’s transition to green energy over the next decade.

3. Reliance Industries Chairman Mukesh Ambani on Wednesday announced that Reliance Industries will build India’s first and first carbon fibre plant in Hazira, Gujarat. Ambani also announced that Reliance will build a 5,000-acre green energy giga complex at Jamnagar by 2024.

4. Ambani confirmed that India is bidding for the 2036 Olympic Games and said Reliance will help the government with development projects related to the Olympics.

5. N Chandrasekaran, Chairman of the Tata Group, said at the Gujarat Summit that the company will set up a semiconductor fabrication plant in Dholera, Gujarat, which will start in 2024.

6. Tata Group is also set to set up a 20 GWe battery plant in the state of Maharashtra’s Sanand in the next 2 months.

7. At the summit, Toshihiro Suzuki, President of Suzuki Motor Corporation (SMC), announced that the global auto manufacturer will set up a second manufacturing plant in Gujarat with an investment of ₹ 35,000 crore. The company plans to increase its annual production to more than 40 lakh vehicles by 2030-31.

8. Dutch and Singaporean companies have declared $7 billion in investments in India for the current fiscal year. In addition, global tech giant Nvidia announced that its partner company Yotta will launch an ‘AI data centre’ in GIFT City by March 2024.

9. According to a statement by ArcelorMittal Chairman Lakshmi Mittal, the company will construct the world’s largest steel plant at Hazira, Gujarat, with a capacity of 24 mt per annum by 2029.

10. Speaking at the summit, Prime Minister Modi said that all the leading agencies have predicted that in the next few years, India will be among the top three economies in the world. The Prime Minister also announced that India has signed important Memoranda of Understanding (MoU) with the UAE and plans to invest billions of rupees in Gujarat and several other states.