In a significant boost to Gujarat’s chemical industry, four prominent industrial players have recently signed Memorandums of Understanding (MoUs) with the state government, marking a total investment of INR 14.01 billion.
These investments are a part of the preparations for the upcoming Vibrant Gujarat Global Summit, set to take place in January 2024.
The signed MoUs pertain to the chemical sector, with the industries committed to setting up their units in Saykha and Dahej GIDC in the Bharuch district. This strategic move is expected to generate around 2,285 potential employment opportunities, further contributing to the state’s economic growth.
The industrialists who signed the MoUs expressed their preference for Gujarat due to its exceptional infrastructure, aligning perfectly with Hon’ble Prime Minister Shri Narendra Modi’s ‘Make in India’ initiative. They lauded the proactive administration led by Chief Minister Shri Bhupendra Patel, which has created a hassle-free environment for establishing industries in the state.
As per the MoUs signed on August 2, the following projects are slated to be established in the state:
- Gujarat Fluorochemicals will invest INR 500 million to set up a plant in Dahej-2, producing lithium hexafluorophosphate, a key chemical used in electric vehicle batteries.
- Savita Green Tech Limited will undertake a plastic bottle recycling project at an investment of INR 4.93 billion in Saykha GIDC.
- Harcros Chemicals Pvt. Ltd. will establish a specialty chemicals plant in Dahej-1 with an investment of INR 3 billion.
- Ashu Organic (India) Pvt. Ltd. will start a manufacturing plant for dyes and pigment intermediates in Dahej-3, investing INR 1.08 billion.
These investments are expected to spur the chemical industry’s growth in the state and create thousands of job opportunities in the coming years. With the signing of a total of 10 MoUs, involving an investment of INR 27.61 billion, the stage is set for a significant expansion in Gujarat’s industrial landscape, bolstering its position as a preferred investment destination.