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They pledge to invest billions in Gujarat

January 12, 2009

Investors from various parts of the country have pledged several crores (billions) of investment across different industrial sectors in Gujarat during the Vibrant Gujarat Global Investors' Summit (VGGIS) 2009, which commenced ion Ahmedabad on Monday.

Larsen & Toubro has pledged Rs 25,000 crore (Rs 250 billion) investment in the state, its chairman and managing director A M Naik said.

Naik said that they would be signing nine memorandum of understanding (MoU) for projects in the manufacturing sector, road building and one for setting up a 2400-MW power plant in Gujarat.

The State Bank of India would be investing Rs 30,000 crore (Rs 300 billion) over the next three years in Gujarat, its chairman O P Bhatt said at the event.

He also said that they would be inking three MoU during the VGGIS and added the 45 new branches of SBI would be opened in different parts of Gujarat over the next three years.

Oil and Natural Gas Corp director-HR A K Balyan pledged Rs 30,000 crore (Rs 300 billion) investment in Gujarat, of which Rs 17,500 crore (Rs 175 billion) would be for development of the Dahej Special Economic Zone.

Text: PTI

Image: Gujarat chief minister Narendra Modi with Tata Group chairman Ratan Tata. | Photograph: Reuters

Also read: 5 investing mistakes to avoid in 2009

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