India's Gujarat signs investment pacts worth $18.75 bln with several firms

Housing and Urban Development

20/12/2023 17:15

By Sumit Khanna
       AHMEDABAD, Dec 20 (Reuters) - Companies across many
sectors on Wednesday signed initial investment pacts totalling
$18.75 billion for projects they will build in India's western
state of Gujarat, according to a government statement.
    As part of the deals, an arm of Welspun Enterprises
 WELS.NS  will invest $5.11 billion, partly to build green
hydrogen and green ammonia facilities, documents reviewed by
Reuters showed.     
    The string of investment pacts come days ahead of India's
Prime Minister Narendra Modi opening the state's biennial
investment forum where he wants to boost his home state of
Gujarat's manufacturing capabilities in key sectors.
    Other heads of state and business leaders are expected to
attend the forum. 
    Deals inked on Wednesday also include agreements with
state-backed Housing and Urban Development Corp  HUDC.NS  to
disburse loans worth 145 billion rupee ($1.74 billion) and with
the National Bank of Agriculture and Rural Development to
provide financing worth 260 billion rupees, documents showed. 
    Last week, Gujarat also inked a deal with steel manufacturer
ArcelorMittal Nippon Steel India  ESRG.UL  worth 125 billion
rupees to upgrade an existing project in the state by 2026, as
per the documents, along with another set of deals worth 450
billion rupees.    
         Welspun, ArcelorMittal, Housing and Urban Development
and the National Bank were not immediately available to comment
after normal business hours.
    Separately, Indian conglomerate Essar also said last week it
will invest nearly 550 billion rupees in energy transition,
power and port sectors in the state, as it renews the firm's
strategic investments after clearing a huge debt.   
    
($1 = 83.1390 Indian rupees)

 (Writing by Shivangi Acharya; Editing by Lisa Shumaker)
 ((shivangi.acharya@thomsonreuters.com))