Gujarat Investment News

Ahmedabad: Arpwood buys majority stake in Sterling Hospital
Times of India | 6 days ago
Times of India
6 days ago

AHMEDABAD: One of the pioneers of multi-speciality hospitals in Gujarat, Sterling Hospitals, has once again seen a change in its ownership. The original founder of the hospital chain, Girish Patel, has sold majority stake in Sterling Hospitals to Arpwood Partners, an investment firm based in Mumbai. Market sources peg that the Patel family has sold at least 90% stake for a sum of Rs 700 crore, reports Parag Dave. Sterling founder sells majority stake Ahmedabad: Sterling Hospitals of Gujarat has once again seen a change in ownership. The founder of the hospital chain, Girish Patel, has sold majority stake in Sterling Hospitals to Arpwood Partners, an investment firm based in Mumbai. According to market sources, the Patel family has sold about 90% of stake for approximately Rs 700 crore. Patel told TOI: "We have finalized the deal to sell majority stake of our Sterling Hospitals chain to Arpwood Partners." However, he did not disclose the deal size. A source aware of developments said that Arpwood has started managing the hospital chain. "The transition period is underway," the source said. Sterling Hospitals was founded by Patel in 2001, and in 2006 the UK-based Actis had bought 41% stake in the chain for about Rs 69 crore and then increased its stake to 80%. Actis later attempted to sell its stake but failed. Eventually, in 2013, Patel bought the stake back. Patel had in 2010 sold his stake in Paras Pharma, a personal care company which has brands such as Moov. Sterling Hospitals has presence in Ahmedabad, Vadodara, Rajkot, and Kutch. Patel is expected to continue to be a mentor to Sterling Hospitals, sources have indicated. "The partnership with Arpwood is aimed at the pursuit of medical excellence at Sterling Hospitals to serve Gujarat," Patel said. "I have high confidence that Arpwood will be a capable new custodian of Sterling." A spokesperson for Arpwood Partners said: "Our intent at Sterling Hospitals is to build on its legacy of trust with investments in high-calibre clinical talent, infrastructure upgrade and patient service experience, and deliver quality medical care to patients." The spokesperson added: "We will soon announce an experienced CEO who has had a long and distinguished record at one of the largest national healthcare chains." The spokesperson went on to say: "Incidentally, all the three founders of Arpwood are privileged to have pursued postgraduate studies from Ahmedabad and are pleased to renew their association with the state of Gujarat and with its admirable people."

Ahmedabad: Arpwood buys majority stake in Sterling Hospital
Selling diesel at Rs 20-25/ltr loss, petrol at Rs 14-18/ltr loss: Private retailers to government
The Indian Express | 2 weeks ago
The Indian Express
2 weeks ago

Selling diesel at Rs 20-25 a litre below cost and petrol at Rs 14-18 per litre below cost, as a result of a price freeze despite soaring crude rates is unsustainable, an industry body representing private fuel retailers like Jio-bp and Nayara Energy has told the Oil Ministry and has sought its intervention to create a viable investment environment.On June 10, the Federation of Indian Petroleum Industry (FIPI), which besides private fuel retailers also counts state-owned firms such as IOC, BPCL and HPCL as its members, wrote to the Petroleum Ministry saying losses on petrol and diesel will limit further investments in retailing business.International crude oil and product prices have risen sharply to a decade high but state-owned fuel retailers, who control 90 per cent of the market, have frozen petrol and diesel prices at rates equivalent to two-third of the cost.This has left private fuel retailers like Jio-bp, Rosneft-backed Nayara Energy and Shell to either raise prices and lose customers, or to curtail sales to cut losses.Retail selling prices for petrol and diesel were held for a record 137 days between early November 2021 and March 21, 2022 despite soaring prices.“With effect from March 22, 2022, the retail selling prices were revised on 14 occasions at an average of 80 paise per litre per day, leading to an overall increase of Rs 10 per litre on both petrol and diesel. However, the under-recoveries (losses) continue to be very high in a range of Rs 20-25 per litre for diesel and Rs 14-18 per litre for petrol,” FIPI director general Gurmeet Singh wrote.While retail rates have been on a freeze since April 6, the price of diesel sold to bulk users like state transport undertakings increased in line with the rise in international oil prices.“This resulted in rapid diversion of bulk diesel (direct consumers) sales to retail outlets amounting to widening of losses incurred by private fuel retailing companies,” FIPI wrote.“We urgently seek your support in matters related to retail selling pricing of petrol and diesel, as all private oil marketing companies, who are making investments in the retailing sector are experiencing a difficult investment environment,” it said.Losses, it said, will limit their ability to “make further investments as well as to operate and expand their networks.” “The stakeholders of private fuel retailing companies, namely dealers (including prospective dealers), transporters, direct and indirect employees and end-consumers also inadvertently bear the impact of under-recoveries,” Singh wrote.FIPI sought the ministry’s intervention to provide some relief to fuel retailers, create a more viable investment environment for private fuel retailers and support development of the right environment and ecosystem to attract further investments and job creation in the sector.“The continuing uncertainty around the oil and gas sector and delay in equitable policy implementation like following free market determined pricing principles, providing access to infrastructure and bringing oil and gas under GST could potentially discourage foreign investors to make investments,” it said.“With no triggers for reduction in prevailing crude and product cracks, the under-recovery situation shall only aggravate for the fuel retailing companies.” Higher prices at private company outlets and some of them curtailing sales had in recent days led to heavy traffic at PSU petrol pumps, leading to some of them in states like Madhya Pradesh, Rajasthan, Karnataka and Gujarat running out of stock.To ensure private companies don’t curtail operations, the government on June 17, expanded the scope of Universal Service Obligation (USO), mandating licensed entities to maintain petrol and diesel sales at all petrol pumps, including in remote areas, for specified working hours.“The government has now expanded the horizon of USO by including all retail outlets (petrol pumps) including remote area ROs under their ambit,” the oil ministry had said in a statement on Friday.After this, entities that have been granted licences to retail petrol and diesel will be “obligated to extend the USO to all the retail consumers at all the retail outlets.” Failure to meet norms can lead to the cancellation of licences.The USOs include maintaining supplies of petrol and diesel throughout the specified working hours and of specified quality and quantity; making available minimum facilities as specified by the central government, the statement had said.Moreover, maintaining minimum inventory levels of petrol and diesel as specified by the Centre from time to time; providing services to any person on demand within a reasonable period of time and on a non-discriminatory basis and ensuring availability of fuel to customers at reasonable prices, are also part of USOs.

Selling diesel at Rs 20-25/ltr loss, petrol at Rs 14-18/ltr loss: Private retailers to government
‘Uttar Pradesh of today is the India of tomorrow’
Times of India | 4 weeks ago
Times of India
4 weeks ago

Prime Minister Narendra Modi is building the nation into an economic power of the world and as a result of his commitment and efforts, India's old glory is also being fully established on the global stage. As then-chief minister of Gujarat, he conceptualized and implemented the economic model in the state and paved way for the 'Gujarat model of governance' driven by tremendous focus on industrialization and balanced development for all. For the past eight years as Prime Minister, he has implemented the same famed 'Gujarat model' which is sustainable and durable across the country and the effect has been transformational. Uttar Pradesh is a symbolic of this quantum leap forward. With 16% of the total population of India, it is Uttar Pradesh's progress that sets the tone for the nation's success and Chief Minister Yogi Adityanath's good governance has laid the perfect foundation for a trillion-dollar economy. CM Yogi's vision, his simple, restrained and disciplined lifestyle and his ability to make decisions and implement them is exemplary and has resulted in the phenomenal progress of the state in the past five years. He has paved way for an 'Uttam Pradesh' by ensuring a stable law and order and implementing 'good governance'. When it comes to programme implementations in the country, UP leads the way. We work across the country and I can say this with full confidence that whether it is about expressways or any other project, the spirit of cooperation and professionalism among the officers is commendable and ensures 'ease of doing business' in the state which is an added advantage. CM Yogi's vision matches the PM's vision of progress and is an inspiration for other states. It is a matter of pride for us to have two such leaders in the country who are consistently building a 'New India' that stands by its allies and friends and that has taken centre stage on the global platform. CM Yogi is establishing the foundation on which UP's 1$ trillion economy will be based. UP is quintessential to our progress and success as well and we want to be part of the growth ecosystem of the state. In this regard, we are making an investment of Rs 70,000 crore in the state which we anticipate will create direct and indirect employment opportunities for over 30,000 people. We have already spent Rs 11,000 crore across our transmissions, green energy, water, agri-logistics and our data centre business. We are also investing Rs 24,000 crore on road and transport infrastructure and Rs 35,000 crore on multimodal logistics as well as defence sectors. We are also setting up south Asia's largest ammunition complex in Kanpur. This is the largest private sector investment in UP defence corridor. The state-of-the-art ordnance manufacturing complex at Kanpur node of defence corridor will provide employment to around 1,500 people. This complex will be built on an area of 250 acres and we have already been allotted the land for the same. In this, small- and medium-calibre ammunition and short-range air defence missiles will be made. We have also signed a memorandum of understanding with UPEIDA for development of a logistics park and warehousing complex in the state. The state government wants to develop warehousing complexes and multi-modal logistics facilities along with industrial clusters along its banks to take full advantage of the expressway projects and boost the state's economy through them. These warehouses will be helpful in creating a large number of employment opportunities. Our large investments are a sign of our confidence that UP of today is the India of tomorrow. I would like to describe the Prime Minister's and Chief Minister's vision with the following lines from Sarojini Naidu's poem: "Main soch bhi badalta hun, main nazariya bhi badalta hun,Badalta nahin kuch to main to lakshya nahin badalta hun,Usse paane ka path nahin badalta hun"(The writer is the chairman and founder of the Adani Group)

‘Uttar Pradesh of today is the India of tomorrow’
"Will Be Talking About It": Boris Johnson On Prodding PM Modi On Russia
Ndtv | 2 months ago
Ndtv
2 months ago

Boris Johnson acknowledged India's relationship with Russia was different than the UK's.New Delhi: UK Prime Minister Boris Johnson on Thursday said he would be raising Russia's invasion of Ukraine in his talks with Prime Minister Narendra Modi as he arrived in India touting job-creating investment but facing long odds to get his reluctant counterpart to back Western action against Moscow."Well, they (India) have already raised Ukraine. As you can imagine, with Prime Minister Modi. And actually, if you look at what the Indians have said, they were very strong in their condemnation of the atrocities in Bucha," Mr Johnson said during a visit to a factory in Gujarat."As I think everybody understands, India and Russia have historically very different a relationship, perhaps, than Russia and the UK have had over the last couple of decades. We have to reflect that reality, but clearly, I'll be talking about it to Narendra Modi," he added.Mr Johnson arrived in Gujarat - PM Modi's home state and the ancestral home to half of the United Kingdom's British Indians - where he met business leaders and took a cultural tour of the historic Ahmedabad city.The British leader, who will leave for New Delhi to meet PM Modi on Friday, began his visit with a trip to Sabarmati ashram, once the home of Mahatma Gandhi, where he was invited to sit cross-legged and work a wooden spinning wheel known as the charkha.Downing Street said the visit would yield new partnerships on defence, artificial intelligence and green energy, along with investment deals in areas including robotics, electric vehicles and satellite launches.But London acknowledges that it is some way off clinching a post-Brexit trade deal with PM Modi's government, which wants more visas for Indians to work or study in the UK.India meanwhile has refused openly to condemn the Kremlin for its invasion of Ukraine, reliant as it is on Russian imports of energy, agricultural goods and military hardware.UK's Foreign Secretary Liz Truss came away from New Delhi empty-handed last month when she pressed the Indians to do more against Russia, and PM Modi has also given short shrift to appeals from US President Joe Biden.Mr Johnson will tout the benefits of India moving more quickly towards renewables -- a pertinent strategic issue as countries attempt to pivot away from Russian energy."Both our countries are excessively reliant on foreign hydrocarbons. And we need to move away from that together," Mr Johnson said."One of the things that we're talking about is what we can do to build partnerships on hydrogen, on electric vehicles, on offshore wind, on all the ways that you can reduce the cost of energy for people with green technology."PromotedListen to the latest songs, only on JioSaavn.comDowning Street has denied that, given the Ukraine war's impact on energy supplies, it is soft-pedalling its commitment to net-zero carbon emissions -– after India joined with China to torpedo a stronger accord at the COP26 climate summit held in Scotland last year.The UK also has a sizeable Sikh community, and its leaders have been demanding that Johnson raise the case of Scotsman Jagtar Singh Johal, who has been detained without trial in India for more than four years.

"Will Be Talking About It": Boris Johnson On Prodding PM Modi On Russia
PM To Inaugurate WHO Global Centre For Traditional Medicine At Jamnagar Tomorrow
Ndtv | 2 months ago
Ndtv
2 months ago

PM Modi will inaugurate WHO Global Centre for traditional medicine at Jamnagar tomorrow.New Delhi: Prime Minister Narendra Modi, who arrived in Gujarat on Monday for his three-day visit, will inaugurate WHO Global Centre for traditional medicine at Jamnagar tomorrow.The Ministry of Ayush and the Government of Gujarat on Monday organized a curtain-raiser press conference to discuss two pertinent developments in the field of traditional medicine in India- the groundbreaking event of the WHO Global Centre for Traditional Medicine (GCTM) and the convening of the Global Ayush Investment and Innovation Summit (GAIIS). Both the events are being held in Gujarat and will be graced by the presence of PM Modi, Prime Minister of Mauritius Pravind Jugnauth and the Director-General of WHO, Dr Tedros Ghebreyesus, said the Ministry of Ayush in an official statement.The WHO Global Centre for Traditional Medicine, the first of its kind in the world, will be inaugurated on April 19 in Jamnagar. The Centre aims to channel the potential of traditional medicine, by integrating it with technological advancements and evidence-based research. While Jamnagar will serve as the base, the new Centre aims to engage and benefit the world. The GCTM shall focus on four main strategic areas: evidence and learning; data and analytics; sustainability and equity; and innovation and technology to optimize the contribution of traditional medicine to global health.The Global Ayush Investment and Innovation Summit will be held from April 20 to April 22 in Gandhinagar. The Summit aims to increase investments and showcase innovations in the field of traditional medicine. It is a unique attempt to foster long-lasting partnerships, boost exports and nurture a sustainable ecosystem.Commenting on the upcoming events, Sarbananda Sonawal, Union Minister for Ayush said, "Both the events will mark a milestone for India's Ayush industry. The Global Ayush Investment and Innovation Summit presents an opportunity for India to create a global market for Ayurvedic and herbal products. We are standing at the doors of a golden era, where we can capitalize on our traditional knowledge, and use it to serve the world."He added, "Global Centre for Traditional Medicine represents WHO's and India's outstanding commitment to global health. Standing at the juncture of advanced technology and ancient wisdom, the only way ahead of us is upwards."At the press conference in Rajkot, guests such as Sarbananda Sonawal, Union Minister for Ayush; Dr Munjpara Mahendrabhai Kalubhai, Minister of State for Ayush; and Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush, introduced the WHO Global Centre of Traditional Medicine and Global Ayush Innovation and Investment Summit (GAIIS). They discussed the key highlights of the partnership between the Ministry of Ayush and the WHO, and emphasized the importance of investment and innovations in the field of traditional medicine in the post-COVID world. The conference was also attended by Manoj Agrawal, Additional Chief Secretary, from the Health Department of the Government of Gujarat.PromotedListen to the latest songs, only on JioSaavn.comThe GCTM seeks to set policies and standards on traditional medicine products and help countries create a comprehensive, safe, and high-quality health system. Global Ayush Investment and Innovation Summit is an initiative to strategize India's efforts in becoming a global hub of traditional products, practices, and related services.(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

PM To Inaugurate WHO Global Centre For Traditional Medicine At Jamnagar Tomorrow
WHO Director-General Dr Tedros Ghebreyesus To Be On 3-day Gujarat Visit From Monday
Ndtv | 2 months ago
Ndtv
2 months ago

Several cultural events have been organised in their honour.Ahmedabad: Director-General of the World Health Organization (WHO), Dr Tedros Ghebreyesus, will be on a three-day visit to Gujarat starting Monday, during which he would take part in a few events along with Prime Minister Narendra Modi, officials said.Mr Ghebreyesus will reach Rajkot on April 18, where he will stay overnight before joining PM Modi on Tuesday in Jamnagar for the foundation stone-laying programme of WHO Global Centre for Traditional Medicine (GCTM), Rajkot Collector Arun Mahesh Babu said on Sunday.GCTM will be the first and only global outpost centre for traditional medicine across the world, he said.On Wednesday, Mr Ghebreyesus will be in Gandhinagar, where PM Modi is scheduled to inaugurate the Global AYUSH Investment and Innovation Summit. The three-day Summit, being organised at Mahatma Mandir, will have around 90 eminent speakers and 100 exhibitors, officials said.The Summit will help uncover investment potential and give a fillip to innovation, research and development and start-up ecosystem in the wellness industry. It will help bring together industry leaders, academicians and scholars together and act as a platform for future collaborations, they said.Mauritian Prime Minister Pravind Kumar Jugnauth will also arrive in Rajkot on Monday, where he will be welcomed with cultural events at the airport and also along the route of his cavalcade from the airport, Rajkot Mayor Pradip Dav said.Several cultural events have been organised in their honour, Mr Dav said.PromotedListen to the latest songs, only on JioSaavn.comSeveral hoardings that read 'Welcome to Gujarat' have been put up along the route of his cavalcade.(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

WHO Director-General Dr Tedros Ghebreyesus To Be On 3-day Gujarat Visit From Monday
Mukesh Ambani's Reliance To Invest $80 Billion In Gujarat Green Energy
Ndtv | 5 months ago
Ndtv
5 months ago

Mukesh Ambani-led RIL said it will develop an eco-system for assisting small businesses.New Delhi: Reliance Industries on Thursday signed a memorandum of understanding (MoU) with Gujarat for an investment to the tune of Rs 5.95 lakh crore ($80 billion) as part of investment promotion activity for Vibrant Gujarat Summit 2022."These projects will create 10 lakh direct or indirect employment opportunities in Gujarat," billionaire Mukesh Ambani-led company stated in an exchange filing."To make Gujarat net-zero and carbon-free, RIL proposes to invest Rs 5 lakh crore in the State over 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development, a company statement read.RIL said it will develop an eco-system for assisting small and medium enterprises (SMEs) and encourage entrepreneurs to embrace new technologies and innovations leading to captive use of renewable energy and green hydrogen.RIL further mentioned that it has started the process of scouting land for 100 GW renewable energy power projects in Kutch, Banaskantha and Dholera.Reliance also said it will invest another Rs 60,000 crore in setting up a new energy manufacturing-integrated renewable manufacturing.Further, Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over the next three to five years.PromotedListen to the latest songs, only on JioSaavn.comSeparately, RIL has also proposed to invest Rs 7,500 crore for Jio Network upgradation to 5G and another Rs 3,000 crore in Reliance Retail.Meanwhile, RIL shares settled 0.59 per cent higher at Rs 2,535.35 on BSE.

Mukesh Ambani's Reliance To Invest $80 Billion In Gujarat Green Energy
Pune startup bags $1.5mn investment, to study making crops climate resistant
The Indian Express | 6 months ago
The Indian Express
6 months ago

Pune-based Bioprime Agrisolutions Pvt Limited has bagged a major investment in developing and expanding agriculture-centric research towards making crops climate resistant. Omnivore, an agri-tech investor, on Monday announced an estimated investment of $1.5 million USD to the Pune company.This is the first investment under Omnivore’s OmniX Bio programme launched on Monday. The programme aims at supporting Indian entrepreneurs involved in agricultural biotechnology, bioenergy and developing biomaterials, innovative foods. Through its venture funding and mentorship from global agrifood life sciences leaders, it will support early-stage agrifood life science start-ups in India.Bioprime Agrisolutions was founded by Renuka Karandikar, Amit Shinde and Shekhar Bhosale, all of whom are alumni of Savitribai Phule Pune University. The company, incubated at CSIR – National Chemical Laboratory’s Venture Centre, has been involved in identifying and developing plant-based biomolecules capable of modulating plant responses to the effects of climate change. At present, first-generation biomolecules are in their early phase of commercialisation. This team has been closely working with farmers in Pune, Nashik and Satara in Maharashtra along with a few others in other states.With the latest investment, the company plans to steer further its study on crops, understand their resilience to climate change across 15 agro-climatic zones in the country.Some of the prominent crops that will be covered include rice, wheat, a number of oil seeds for which hotspots across Maharashtra, Gujarat, Rajasthan, Uttar Pradesh and more states with varying climate and temperate settings have been identified. “We have identified 60 hotspots across 15 agro-climatic zones, where our teams will carry out microbe collections,” said Renuka Karandikar, CEO, Bioprime Agrisolutions.Simultaneously, the company also aims to establish a plant-microbe bank that will be developed for undertaking future research commercially.The role of technology has to grow to make cultivation sustainable and climate-smart. “Technological advances can solve some of the toughest challenges in Indian agriculture. The launch of OmniX will help reboot the agrifood life sciences ecosystem in India,” said Mark Kahn, Managing Partner, Omnivore.

Pune startup bags $1.5mn investment, to study making crops climate resistant
Lulu Group to invest Rs 2,000 crore to build shopping mall in Gujarat
Times of India | 6 months ago
Times of India
6 months ago

NEW DELHI: The UAE-based retail giant Lulu Group on Saturday announced it will invest Rs 2,000 crore to develop a shopping mall near Ahmedabad in Gujarat as part of its plans to expand business in India. The company has signed a Memorandum of Understanding (MoU) with the Gujarat government, it said in a statement. The Lulu Group already has three operational malls in India and will open two more mall in the country by March next year. "The Lulu Group will invest Rs 2,000 crore in the state of Gujarat to set up a modern shopping mall," the company said. The investment was announced during a meeting between Bhupendra Patel, chief minister of Gujarat, and Lulu group chairman and managing director Yusuff Ali MA in Dubai. The Gujarat Chief Minister is on an official visit to promote the upcoming Vibrant Gujarat Global Summit (VGGS) and attract foreign direct investment (FDI) into the state. According to the MOU, the group will set up a shopping mall between Ahmedabad and Gandhinagar which will create employment to more than 5,000 people. The construction is expected to start by first quarter of 2022 and completed in 30 months. "Government of Gujarat will facilitate Lulu Group with all necessary assistance and clearances and also depute a senior IAS official to follow up the procedures," the statement said. Apart from this, the Lulu Group will also set up food processing and logistics centres in Baroda and Surat for exports in the second phase of investment in the state. "I welcome Ali's promise to invest in Gujarat. The government will make every effort to ensure that land and any other assistance is provided to the group so that they can begin work," said the chief minister. On the investment plan, Yusuff Ali MA said: "Gujarat holds a very special place in my heart, this is where I first learnt the basics of business as my father had family business in Ahmedabad. So I feel very excited to invest in Gujarat and hope we can expand further in this Vibrant state." Lulu currently operates more than 220 hypermarkets and shopping malls in the Middle East, Egypt, Indonesia, Malaysia and India. The group employs more than 57,000 people globally. Lulu hypermarkets and department stores have a 32 per cent share of the retail market in Gulf Cooperation Council countries. In India, the Lulu group opened its third shopping mall at Bengaluru in October this year. In an interview with PTI, Ali had said that the company had committed an investment of around Rs 4,500 crore for the development of five shopping malls in India in the first phase of expansion in the country. Out of the five, the three malls have already become operational at Kochi, Thrissur and Bengaluru. The "Global Mall" at Rajajinagar in Bengaluru, comprising 8 lakh square feet, is not owned by the Lulu group but it will manage and operate the property. The Lulu group on Saturday said that its latest mall at Kerala's capital Thiruvananthapuram will be opened next week while Lucknow Lulu Mall is expected to be open for shopping by March 2022.

Lulu Group to invest Rs 2,000 crore to build shopping mall in Gujarat
Gujarat: Retd government officer loses Rs 81 lakh in forex trading con
Times of India | 6 months ago
Times of India
6 months ago

AHMEDABAD: A retired government officer was duped of Rs 81 lakh over the course of two months by two cybercriminals, who lured him with the promised of massive profits in foreign exchange trading and then went incommunicado. The website on which the complainant saw what he thought was live trading, was found to be not functional. In his FIR with the cyber cell of CID (crime), Subhashchandra Patel, 64, who retired as additional assistant engineer from the state irrigation department in 2015, said the con began on October 27, 2020, when he received a message from an unknown source about an investment proposal. Subhashchandra clicked on a hyperlink in the message and was taken to a foreign exchange website with the contact number of the accused, Sanjay Patel. Subhashchandra contacted Sanjay, who sent him a certificate purportedly issued by on International Finance Service Commission to the forex trading company ‘Galaxy FX Trade’, along with purported profits earned by a few clients. Convinced about the company’s authenticity and lured by the profits, Subhashchadra decided to invest in the firm. On Sanjay’s advice, Subhashchandra invested Rs 2.23 lakh the first time and got a user identity and credential for a trading account on October 28, 2020. Sanjay later showed him the balance sheet of the company and some screenshots showing how Subhashchnadra was earning profits. Sanjay and his aide, Ashish Jain, convinced Subhashchandra to invest more and get another account in some woman’s name. Following Sanjay’s instructions, Subhashchandra invested more money and ended paying them Rs 81 lakh for his and his wife’s trading accounts. The company’s website continued to show that Subhashchandra had almost doubled his investment. When Subhashchandra began asked for his returns in cash, and chose to close his account, both Sanjay and Jain began avoiding him. In January, they stopped taking his calls and Subhashchandra on January 3, found that the company’s website was also closed. He finally approached the cyber cell of CID (crime) and filed a complaint for cheating and breach of trust along with charges under the Information Technology Act.

Gujarat: Retd government officer loses Rs 81 lakh in forex trading con
Rajasthan organises investors meet in Gujarat, signs agreements worth Rs 1.05 lakh crore
The Indian Express | 6 months ago
The Indian Express
6 months ago

The Rajasthan government organised an investors’ meet in Gujarat to promote their upcoming “Invest Rajasthan 2022” summit on Wednesday where agreements worth Rs 1.05 lakh crore were signed with industrialists.Invest Rajasthan summit is scheduled to be held on January 24-25, 2022 at Jaipur, where investors from across the globe including Spain, Japan and other countries have been invited, said officials from the Rajasthan government during the investors’ meet held with the help of CII in Ahmedabad.“At this event in Ahmedabad, we have attracted investments worth Rs 1.05 lakh crore, which includes 12 MoUs worth Rs 41,590 crore and the remaining LoIs (Letter of Intent) worth Rs 64,110 crore,” said Parsadi Lal Meena, Health and Excise minister, Rajasthan government who oversaw the MoU signing ceremony for 40 projects.Archana Singh, Commissioner of Industries and Bureau of Investment Promotion said while some of the agreements included national players like Azure Power who had offices in Gujarat and wanted to set up a solar park worth Rs 24000 crore in Fatehgarh in Jaisalmer, there were Gujarat centric companies like Torrent Gas who were looking to park Rs 5000 crore in city gas distribution projects.“The MoUs signed are with those companies whom we have been following up for the last six months and have been allocated land. The LoIs are those who have expressed interest in investing in Rajasthan,” Singh told mediapersons after the meeting in Ahmedabad.While addressing businessmen during the investors’ meet, the health minister from Rajasthan said cheap land will be made available to industries willing to invest in the state. “For those investors investing Rs 100 or more, we have prepared a customised package where any services they ask for will be provided. You will not have to meet the cabinet or the bureaucrats… The land is 40 percent cheaper than before,” he said projecting the upcoming oil refinery in Barmer where a PCPIR is being developed.“The raw materials come to Morbi from our state. You can come and set up units near the source of these raw materials. We will give all the facilities,” said Meena who targeted investments in ceramic sector. The minister said in connection with the upcoming  investment summit a delegation from Rajasthan had gone to Dubai where Rs 40000 crore worth of MoUs were signed.Industries official Archana Singh said that Rajasthan currently is processing Rs 2 lakh crore of projects where companies have sought customised packages which include solar power generation companies like Adani Group, Torrent Group and Azure Power, Renew Power and others. “Each of their projects have capacity of 10 GW,” Singh said.Singh said that the Adani Group which is setting up a solar park have already put in place 5000-6000 MW. “We have recently approved a Rs 48000 crore customised package for the Adani Group and they have given a request for another Rs 40000 crore of investments,” she added.The investments signed in Gujarat on Wednesday are in renewable energy, city gas supply, cement manufacturing, logistics, tourism and hospitality.

Rajasthan organises investors meet in Gujarat, signs agreements worth Rs 1.05 lakh crore
Reliance, TA’ZIZ to invest $2 bn in petchem unit in Abu Dhabi
The Indian Express | 6 months ago
The Indian Express
6 months ago

Billionaire Mukesh Ambani’s Reliance Industries on Tuesday said it will in partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) invest USD 2 billion in setting up a petrochemical production facility in the UAE.The oil-to-telecom conglomerate will join the recently-formed TA’ZIZ joint venture of Abu Dhabi state energy giant ADNOC and state holding company ADQ for developing the facility at Ruwais in western Abu Dhabi.“TA’ZIZ and RIL, have agreed to launch ‘TA’ZIZ EDC & PVC’, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais,” the company said in a statement.The new joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with an investment of more than USD 2 billion.The TA’ZIZ Industrial Chemical Zone projects are currently in the design phase with project start up targeted in 2025.“Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally,” it said.The TA’ZIZ Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ.ADNOC, which pumps most of the UAE’s 3 million barrels per day of crude oil, plans to spend USD 45 billion with partners to develop its downstream operations in Ruwais. These projects include adding refining and petrochemical capacity.The oil refinery planned at Ruwais is being designed to be integrated with the petrochemical project.“The project builds on ADNOC and Reliance’s long-standing strategic partnership and is Reliance’s first investment in the MENA region,” the statement said.The signing of the joint venture terms, which are subject to regulatory approvals, was witnessed by UAE Minister of Industry and ADNOC chief executive Sultan Ahmed Al Jaber and Reliance Chairman and Managing Director Mukesh D Ambani.The joint venture terms were signed by Khaleefa Al Mheiri, Acting CEO of TA’ZIZ and Kamal Nanavaty, President Strategy and Business Development of Reliance.The agreement capitalises on the growing demand for these critical industrial raw materials and leverages the strengths of the two firms as global industrial and energy leaders.Reliance operates the world’s largest refining complex at Jamnagar in Gujarat. It also has petrochemical plants. Besides producing oil, ADNOC too has similar operations.Under the terms of the agreement, TA’ZIZ and Reliance will construct an integrated plant with a capacity to produce 940,000 tonnes of chlor-alkali, 1.1 million tonnes of ethylene dichloride and 360,000 tonnes of PVC annually.While chlor-alkali is used in water treatment and in the manufacturing of textiles and metals, ethylene dichloride (EDC) is used for producing polyvinyl chloride (PVC).PVC is commonly used in pipes, fittings, profiles, tubes, windows, doors, sidings, wire, cable, film, sheet, and flooring.Al Jaber, said: “This strategic partnership with Reliance builds on the strong and deep-rooted bilateral ties between the UAE and India and highlights the attractive and compelling value proposition offered by TA’ZIZ as we grow a globally competitive industrial ecosystem.”“This joint venture marks a major milestone in ADNOC’s downstream expansion and the development of the TA’ZIZ Industrial Chemicals Zone. It will help strengthen domestic supply chains, drive In-Country Value and accelerate the UAE’s economic diversification, in line with the leadership’s wise directives.”Ambani said the joint venture will further cement the long standing and valued relationship between India and the UAE.“India’s need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies. Close cooperation in the region based on shared objectives is key as we optimise resources and work together to enrich the lives of our citizens,” he said.The production of chlor-alkali, EDC and PVC will create opportunities for export to target markets in Southeast Asia and Africa, as well as providing local industry with a source of critical raw materials manufactured in the UAE for the first time, the statement said.TA’ZIZ comprises three zones, the first of which is an industrial chemicals zone that will host chemicals production, with seven world-scale projects already in the design phase.The second is a light industrial zone, which will be home to downstream conversion industries that will convert the outputs of the chemical zone into consumable products and, finally, an industrial services zone that will house a variety of companies providing the necessary services required by the TA’ZIZ industrial zones and the wider Ruwais Industrial Complex.

Reliance, TA’ZIZ to invest $2 bn in petchem unit in Abu Dhabi
140 firms commit investments of Rs 11000 cr in GIFT City: Gujarat Govt
The Indian Express | 7 months ago
The Indian Express
7 months ago

Promoting Gujarat International Finance Tech-City or GIFT City before a group of investors and fintech firms gathered for a Vibrant Gujarat roadshow in Mumbai on Thursday, the state government said investments to the tune of Rs 11,000 crore have been committed by 140 firms in GIFT City.Hard-selling the upcoming financial hub in Gujarat, Chief Minister Bhupendra Patel, while addressing the audience in Gujarati said, “I want to tell all the financial institutional investors, fintech firms and start-up units that till now if you have entered the GIFT City, then you should think in that direction positively. In GIFT City you will get world class infrastructure.”Adding that the GIFT City in Gujarat houses the international bullion exchange, fintech firms, aircraft leasing and ship leasing business activities and international stock exchanges under one umbrella, Patel said, “People from across the world come to Gujarat to work and the state provides them the opportunities to progress in life.”Talking about how Vibrant Gujarat brand has transformed Gujarat into a “world-class state”, Patel said, “Vibrant Gujarat started by Prime Minister Narendra Modi has become a brand. Initially, discussions were on investments in Gujarat. Now apart from investments, discussions also take place about issues facing the world and their possible solutions.”Gujarat Chief Secretary Pankaj Kumar said GIFT City was poised to emerge as the one of the most preferred financial hubs in the world in the coming decade. “Investments worth Rs 11,000 crore from 140 companies have been committed to GIFT City. Moreover, the average daily turnover on international exchanges within GIFT City have exceeded USD 4 billion,” Kumar added.The official said that six aircraft leasing firms have been given licences to operate from GIFT City and an additional seven entities have applied for licences. Apart from this, 30 Alternate Investment Funds (AIFs) have lined up to enter IFSC and the international bullion exchange is expected to start operations in January 2022.The GIFT City project was conceptualised in 2007. However, the actual groundwork started in October 2011 and the first multi-storey structure was inaugurated by then chief minister Narendra Modi in January 2013. The flow of investments into the project began only after Modi became the Prime Minister in 2014.Officials who participated in the roadshow also shared experiences of Bank of America and said the foreign entity hired 700 employees locally for their unit in GIFT City. This was the second Vibrant Gujarat roadshow, after the first one in Delhi on November 25.After the roadshow, Patel also visited the BSE stock exchange. Earlier in the day, chief minister interacted with Mahesh Palashikar, president and CEO (South Asia) of General Electric and discussed about investment opportunities. He also met Ashok Hinduja, Chairman of Hinduja Group, Neeraj Akhoury, CEO of Ambuja Cements Ltd, Nikhil Meswani, executive director of Reliance Industries, Anant Goenka, MD of Ceat Limited, Uday Kotak, CEO of Kotak Mahindra Bank Ltd, N Chandrasekaran, chairman of Tata Sons and Ms Kaku Nakhate, President and Country Head of Bank of America.

140 firms commit investments of Rs 11000 cr in GIFT City: Gujarat Govt
New York fund TFCC buys 46 pc stake in Chennai firm Ramcharan for $4.14 bn
The Indian Express | 7 months ago
The Indian Express
7 months ago

Chennai-based chemicals distributor Ramcharan Co on Wednesday made history of sorts by bagging a whopping $4.14 billion (over Rs 31,000 crore) from the US-based impact fund TFCC International for a 46 per cent equity, valuing it at around $9 billion.The deal the biggest in the domestic chemicals space and one of the biggest private equity deals across the industry in the country till date values the little-known company at a whopping $9 billion.The firm is of late into deep-tech, end-of-life chemicals converting unsegregated waste into energy and manufacturing new-generation energy storage devices.For the New York-based TFCC International, which is a deep impact fund with investments from high-net-worth individuals, government agencies and financial institutions, this marks their entry into the country. The fund is also looking at more impact investments here in areas of environment solutions, renewable energy and low-cost housing. Currently, with a portfolio of $20 billion invested in South Asia.Ramcharan started off as a chemical distributor in 1965 and from 2016 has moved to research on managing end of life chemicals, and since then has developed products that can process large quantities of unsegregated waste. The company is now headed by third generation entrepreneurs Divyesh and Kaushik Palicha.Later, the company moved from chemicals trading and distribution into compound and specialty chemical manufacturing, as also testing and research, according to its website. It has presence across the country apart from in Britain, North America and Japan.Ramcharan will deploy the money from TFCC in environment-to-energy management systems and renewable energy devices with high storage capacity that are made from sodium silicate, the fund said.It added that the money will be made available over the next five-seven years with the first round coming by January 2021.Chris Curtis, chairman of TFCC, said technologies such as those promoted by Ramcharan, and the headroom for sustainable growth, echoes with our investment objectives. “We believe that Ramcharan’s products in the waste to energy field and the new generation of energy storage devices will help the environment in a significant manner.”Explaining the rationale for such a large funding, Curtis told reporters from New York that only Ramcharan has the technology to make cutting-edge products for reducing pollution.On the funding part, he said the initial $1.5 billion come in by next month and Ramcharan will use the same to set up two manufacturing plants in Tamil Nadu and Gujarat.But, on the reaming funding commitment, he said it will be long run from there but sounded confident of happening as the technology is a global first.The investment is also in line with the global sentiment expressed in the recent COP26 global climate summit, he added.The deal was in the making since March when TFCC signed an agreement with Ramcharan for picking up equity of Ramcharan, and the deal got the shareholders’ nod in October.Currently, Ramcharan has a business plan and orders of around $9 billion and is looking at higher sales from three years to the sixth year of their production, taking up the expected revenue to $40 billion from the fourth year, the statement claimed which did not have any comments from Ramcharan.The technology used by Ramcharan allows for zero toxic residue, and can be used to convert all types of unsegregated waste into energy, making it the first of its kind globally and also the safest. Ramcharan is also among the first globally to set up end product responsibility for their products, Curtis said, adding this is a globally first innovation.The technology, developed in house after research from 2016, has been branded under the name Entity1, and has a slew of products lined up for release from 2022 till 2024 that allows for zero toxic residue, and can convert all types of unsegregated waste into energy.It is also planning to set up manufacturing facilities in Tamil Nadu and Gujarat, the statement said.

New York fund TFCC buys 46 pc stake in Chennai firm Ramcharan for $4.14 bn
Gujarat displaces Maharashtra to become largest manufacturing hub in country
The Indian Express | 7 months ago
The Indian Express
7 months ago

Gujarat has emerged as the biggest manufacturing hub in India with the state’s Gross Value Addition (GVA) in manufacturing growing at 15.9 per cent annually on average between FY’12 and FY’20 to touch Rs 5.11 lakh crore, displacing Maharashtra, according to data released by the RBI. Maharashtra’s annual growth rate during the period was 7.5 per cent, taking the state’s total manufacturing GVA to Rs 4.34 lakh crore in FY’20. Maharashtra continues to lead as the nation’s biggest services hub.The worst performers among states which were already among the top ten manufacturing states during the period were Rajasthan, Telangana and Andhra Pradesh, with average annual growth rates of 3.8 per cent, 5.5 per cent and 6.9 per cent, respectively during the period. The GVA is essentially GDP minus net product taxes, and reflects growth in supply of goods and services. The other states with the highest manufacturing GVA were Tamil Nadu at Rs 3.43 lakh crore, Karnataka at Rs 2.1 lakh crore and Uttar Pradesh at 1.87 lakh crore. India’s manufacturing GVA grew to Rs 16.9 lakh crore in FY’20 at an average growth rate of 9.7 per cent since FY’12.Higher investment in Gujarat during the period likely played a key role in allowing the state to outpace the rest of the country in manufacturing growth.Gujarat witnessed the highest level of capital investment in terms of gross fixed capital formation (GFCF) – a measure of investments – between FY’12 and FY’19 at a total of Rs 5.85 lakh crore ahead of Maharashtra which saw investment of Rs 4.07 lakh crore during the period and Andhra Pradesh which witnessed a cumulative GFCF of Rs 1.49 lakh crore.A report by KPMG noted that key reforms by Gujarat, including the introduction of a single window for business clearances, easing of labour norms as well as smoother administration of incentive schemes, contributed to boosting ease of doing business in the state and making it one of the country’s most attractive destinations for Foreign Direct Investment.Maharashtra, however, retained its spot as the leading provider of services in the country with the state’s services GVA growing at 12.6 per cent per annum hitting Rs 15.1 lakh crore in FY’20. Karnataka posted the fastest growth in services GVA at 15.1 per cent per annum during the period and achieved the second highest services GVA in the country at Rs 9.72 lakh crore in FY’20.Telangana was the second fastest growing service economy in the country with an annual services GVA growth of 14.8 per cent leading the state to leapfrog Gujarat and Kerala to become the seventh largest services economy in the country.Tamil Nadu, Uttar Pradesh and West Bengal were the third, fourth and fifth largest service economies in India in FY’20.

Gujarat displaces Maharashtra to become largest manufacturing hub in country
Pune: Swedish delegation calls for continued engagement in sustainability, innovation
The Indian Express | 7 months ago
The Indian Express
7 months ago

A delegation from the Embassy of Sweden in Delhi, Consulate General of Sweden in Mumbai, Swedish Chamber of Commerce in India (SCCI), Business Sweden (BS) are in Pune to meet local stakeholders for continued engagement in the Swedish sectors of expertise — sustainability and innovation.The Office of Science and Innovation (OSI) based at the embassy in Delhi is also meeting with the Pune Knowledge Cluster to explore collaboration between Swedish and Indian science and technology clusters.Pune has been a major hub for Swedish companies in India since the 1960s. Of the 108 Swedish companies in Maharashtra, most have their presence in Pune and around 36 are headquartered in the city. The Swedish business presence in Pune is broad in sectors of manufacturing, information and communication technology, services, sales and distribution.At the event on Tuesday, an ‘Environmental Sustainability Mapping Study’ of 18 Swedish companies was commissioned by the Consulate General of Sweden in Mumbai and the Swedish Chamber of Commerce India (SCCI) in association with Centre for Environmental Research and Education (CERE).Anna Lekvall, Consul General of Sweden in Mumbai, said: “The green transition and climate action are a high priority for Sweden and it is encouraging that the local Swedish companies are exhibiting leadership and commitment toward sustainability. This first-of-its-kind sustainability mapping study of Swedish companies in Maharashtra and Gujarat will further support and strengthen cooperation going forward.”The three-month qualitative and quantitative study aims to map the sustainability initiatives of the local Swedish companies’ in western India, their green transition agenda, highlight their best practices, identify challenges, provide solutions and further strengthen collaborations for sustainability through Sweden-India platforms. Of these companies, 70 per cent fall within the manufacturing sector.The study highlighted how Swedish companies in western India have been actively promoting sustainability and demonstrating leadership in environmental stewardship with initiatives such as switching to renewable energy and electric mobility, implementing energy efficiency, investing in green buildings, promoting water conservation and integrating a green transition across value chains. The study also recognized and analysed the challenges the companies face in their green transition endeavour and provided recommendations to boost sustainability efforts within internal practices and stakeholder engagements.Sara Larsson, head of Swedish Chamber of Commerce in India (SCCI), said: “Working together on environmental sustainability can increase learning, enable local solutions, and ramp up the transition process. As next steps, Team Sweden aims to promote knowledge exchange, capacity building and collaborative approach around environmental sustainability between companies, academia and research institutions.”Larsson said: Since 2018, Swedish companies in Pune have had a long-term cooperation for strengthening women in workforce under the ‘Kraftsamla’ initiative, a strategic project under the aegis of the Swedish Chamber of Commerce India, in collaboration with the Embassy of Sweden in Delhi and Consulate General of Sweden in Mumbai, in line with the Swedish feminist foreign policy. Kraftsamla in Swedish means to ‘join forces’ and is a wonderful opportunity to promote gender equality in the workforce.”Larsson added: “Sustainability and Innovation are high on agenda for both countries since a Joint Action Plan was signed in 2018 encouraging strong collaborations in smart cities, green energy transition, waste management, clean water, sustainable transport and environment.”In 2019, both countries launched a leadership group on industry transition (LeadIT) for lowering CO2 emissions in heavy industries and building a fossil-free future. Sweden strengthened this partnership in March 2021 by participating in the Indian Sweden Innovation Accelerator (ISIA) that endorses clean energy, sustainable environment and public transport. Additionally, the Swedish industry contributes to India’s development in areas of green energy, innovation, ICT, digitalisation, sustainable transport, clean air, recyclable products, health and life sciences, the delegates said.According to Ambassador Klas Molin, during the recent trade and investment roadshow in Sweden titled ‘Time for India’, team Sweden along with India’s Ambassador to Sweden Tanmay Lal highlighted many opportunities available for Swedish companies in India and for Indian companies in Sweden to representatives of the private sector, government and other decisions makers to discuss trade and investment.

Pune: Swedish delegation calls for continued engagement in sustainability, innovation
Gujarat: 20 MoUs worth Rs 24,185.22 crore signed prior Vibrant Summit 2022
Times of India | 7 months ago
Times of India
7 months ago

AHMEDABAD: Gujarat government has on Monday signed around 20 MoUs worth Rs. 24185.22 crore. This investment will raise around 36,925 new employment opportunities. The MoUs were signed in the presence of Chief Minister Bhupendra Patel and Minister of State for Industries, Jagdish Panchal at Gandhingar. Patel said that Prime Minister Shri Narendra Modi has laid a strong foundation of Gujarat’s holistic development with this summit and it has made Gujarat a leading destination for global investments. Gujarat government is following footsteps of Shri Narendra Modi to ensure more industrial investment through positive business policies and supportive environment for growth. Patel said that industries which have signed the MoUs have to ensure that the industrial operations begin in a stipulated time. The state government will provide all the necessary support to the industries whenever required. Minister of State for Industries Jadish Vishwakarma, Chief Principal Secretary to CM K. Kailashnathan, Chief Secretary Pankaj Kumar and Additional Chief Secretary to Industries and Mines department Dr. Rajivkumar Gupta and other senior officers remained present during the event. The MoUs signed today include two projects at Dholera SIR Dholera SIR will be a boost for development and various other mega projects will be established here in coming years. The central and state governments have been keenly focussing on the development in this region which has ensured in various infrastructural development facilities for investors. Industries from chemicals, agrochemicals, technical textiles, pharmacy and agricultural machinery sectors have shown interest in the investment. The investment will be done at Dahej, Bharuch, Dholera, Vadodara, Halol and various other places.

Gujarat: 20 MoUs worth Rs 24,185.22 crore signed prior Vibrant Summit 2022
Gujarats stock investors on BSE set to touch 1 crore-mark
Times of India | 7 months ago
Times of India
7 months ago

Ahmedabad: With soaring share markets attracting more and more investors, the number of stock investors from Gujarat on BSE (Bombay Stock Exchange) is set to cross the one crore-mark. India’s premier bourse has already seen the count of its registered users (based on unique client codes) from Gujarat jump to 99 lakh as of November 21, which is the second highest registered accounts on BSE after Maharashtra, shows the data compiled by the exchange. Going by the addition of around 2.42 lakh new users over the previous month, the state’s tally of registered investors with BSE will soon achieve the milestone of one crore. These investors include all types of investors, be it individual or institutional or those investing through mutual funds. “We, as a nation, are currently observing a significant growth in the number of equity investors across the country. With Gujarat alone contributing close to 1 crore registered investor accounts out of the total 8.69 crore accounts on BSE, it is a further testament to our efforts in promoting investment behaviour and initiatives that include e-enabling customers with a less-paper ecosystem and on-boarding through an easy and hassle-free digital process,” said Ashishkumar Chauhan, MD and CEO, BSE. The equity market rally after the initial debacle following the outbreak of the pandemic has lured many individuals to jump on the equity investment bandwagon. With a growth of 31%, Gujarat has so far added 23.58 lakh investor accounts over the previous year, the BSE data further reveals. Gujarat currently has a share of 11% in total investors accounts on BSE. “As people cut down on non-essential expenditures while they largely remained indoors amid the pandemic, they had both time and surplus money. The returns in gold, real estate and fixed deposits have been lesser than stocks. With technological advances making it easier to trade in stocks, an increased number of people started investing in shares,” said Vaibhav Shah, managing director of Monarch Networth Capital, an Ahmedabad-based financial services company. “As India moves closer to becoming a $5 trillion economy, it is vital, now more than ever, that we focus on investor education and awareness to further propel the equity investment culture across the country,” suggested Chauhan.

Gujarats stock investors on BSE set to touch 1 crore-mark
New industrial policy before Vibrant Gujarat Summit: Gujarat CM
Indian Express | 7 months ago
Indian Express
7 months ago

The Gujarat government is committed to attracting foreign direct investments (FDI) by framing policies to make way for new industries and businesses and would soon launch a new industrial policy, said Chief Minister Bhupendra Patel Saturday.The new industrial policy would be launched ahead of the 10th Vibrant Gujarat Global Investors’ Summit (VGGIS), the biennial investors’ meet organised by the state. “Vibrant (summit) didn’t happen in 2019 but we are going to do the 10th edition in 2021. Against that backdrop, a lot rides on the industrial policy of the Gujarat government… We are open to one-on-one meetings with industries to discuss what they need. The government will fulfil those needs. We are committed to providing a good environment to industries,” the CM said, adding, “Our old industrial policy was good because it is attracting so much investment. We are also going to launch a new policy,” Patel said after laying the foundation stone for the petrochemical project of Nayara Energy at Vadinar in Devbhumi Dwarka. The petrochemical plant will have a capacity to produce 4.5 lakh metric tonnes per annum of polypropylene used across the manufacturing sector, ranging from parts of automobiles to packaging to apparel.The company, which will invest Rs 6,500 crore in the first phase of the project that is likely to be committed by 2023-end, targets to employ 3,500 workers at the peak of the construction activity of the project.“Investment to a state from outside depends on business policies and governments. Since the time Narendra Modi was CM to date, Gujarat has maintained peace and security. Thanks to these parameters, despite the Covid-19 pandemic, the state has remained the number one in attracting foreign investments. Gujarat attracts 38 percent FDI in the country and has made concerted efforts towards this,” Patel said.He further noted the refineries of Reliance Industries and Nayara have made Gujarat an important petrochemical hub in the country but urged the industries to employ locals. “Gujarat is moving towards becoming an Atmanirbhar Gujarat. Our government is committed to the all-around development of every sector. At the same time, we are duty-bound to see that villages are not left behind. We want that people of this area do not remain jobless when such big industries are located here,” the CM said urging Nayara to provide jobs to youths of this area.Nayara Energy’s petroleum refinery in Vadinar is India’s second-largest single-site refinery and accounts for eight per cent of the country’s refining capacity.Union Petroleum and Gas Minister Hardeep Singh Puri, who addressed the event virtually from Delhi, said the central government wants the petrochemical industry to play a key role in making the Indian economy a US$ 5-trillion economy. “We want chemical and petrochemical to emerge as a leading sector in achieving Prime Minister Narendra Modi’s vision of becoming a US$ 5-trillion economy by 2025. India is one of the fastest-growing economies in the world,” Puri said.Nayara Energy chairman Tony Fountain said the new plant was a step towards the company becoming a leading player in the energy and petrochemical business globally.

New industrial policy before Vibrant Gujarat Summit: Gujarat CM