Vibrant Gujarat meet sees massive investments in energy sector

January 12th, 2009 - 9:17 pm ICT by IANS  

Narendra ModiAhmedabad, Jan 12 (IANS) The 4th Vibrant Gujarat global investors summit which began Monday set a record of sorts with 114 MoUs entailing a capital investment of over Rs.3.4 trillion (Rs.349,752 crore) in the energy sector alone being signed on the first day of the two-day event.The MoUs were inked in the presence of Gujarat Chief Minister Narendra Modi and a large number of captains of energy sector from across the world. Eleven new announcements in the energy sector were also made worth over Rs.329 billion, taking the total to a whopping Rs.3.8 trillion.

The highest number of 67 MoUs were signed in the renewable energy sector, bringing in a total capital outlay of Rs.1 trillion, the highest ever witnessed by the state. “This is a proof to the very warm response that the new solar and wind power policies have generated,” said Saurabh Patel, minister of energy and petrochemicals.

The power sector has seen 30 MoUs at an investment of Rs.2 trillion, said S. Jagdeesan, principal secretary, Energy and Petrochemical Department. The total addition to the power generation capacity would go up by 41,917 MW.

Among the major players who signed the MoUs are Larsen and Toubro, Shapoorji Pallonji Industries, Videocon Industries, Torrent Power, Adani Power and Balaji Group.

Seventeen MoUs were signed in the oil and gas sector entailing an investment of Rs.432 billion. In addition, 10 new announcements worth over Rs.321 billion were made. This takes the total in the oil and gas sector to Rs.753 billion.

Major investments have come from ONGC - Rs.255 billion, which also includes its petrochemicals complex at the Dahej SEZ and a 51 MW power plant at Hazira; Rs.31 billion investment from Petronet LNG that is setting up a 1,200 MW LNG-based power plant at Dahej. Gujarat Gas has committed Rs.4 billion crore in expansion of gas distribution networks.

The Hindustan Petroleum Corporation Ltd. is bringing in investments to the tune of Rs.18 billion for Mundra.

“Under the dynamic leadership of Chief Minister Narendra Modi we have tried to bring in a record number of MoUs for the energy sector in Gujarat,” said Saurabh Patel.

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