- The signing of the Memorandum of Understanding (MoU) between DCM Shriram Ltd and the Government of Gujarat marks a significant development in the chemical and petrochemicals sector in the region.
DCM Shriram Ltd has committed to investing Rs 120 billion ($1.44 billion) in the manufacturing of chemical and petrochemical products in Bharuch by 2028. This substantial investment indicates the company’s confidence in the growth prospects of the sector and its commitment to expanding its operations.
As India’s second-largest chlor alkali manufacturer, DCM Shriram aims to enhance its existing chlor alkali facilities in Bharuch. This includes increasing capacities and introducing new products to its chlor alkali portfolio. The focus on chlor alkali aligns with the company’s core expertise and the demand for these products in various industries.
Bharuch, located in the state of Gujarat, is known for its industrial development and strategic location. The state government’s support and collaboration with DCM Shriram highlight the commitment to fostering industrial growth and attracting investments in the region.
The presence of Gujarat Chief Minister Bhupendrabhai Patel and other officials from the state government at the signing ceremony emphasizes the importance the government places on such investments. This collaboration is likely to result in job creation, economic development, and increased industrial activities in the state.
The signing ceremony took place as part of the Vibrant Gujarat Global Summit 2024. This summit is a platform for showcasing investment opportunities, discussing economic policies, and attracting businesses to the state. The participation of DCM Shriram in this event further underlines the company’s interest in contributing to the state’s economic growth.
Apart from its significant presence in the chlor alkali sector, DCM Shriram is involved in agri-rural and value-added businesses. This diversification indicates the company’s multi-sector approach and its contribution to different facets of the economy.