Gujarat’s diamond industry has attracted investments worth ₹1,100 crore, as two memorandums of understanding (MoUs) were signed on Monday with the State government to invest for projects in the districts of Vadodara and Surat.
Gujarat Hira Bourse (Diamond bourse) has signed an MoU for ₹850 crore committing to generate employment for 10,000 people in Surat. The project is expected to commence from 2025.
Engineering player Hilti Manufacturing India Pvt Limited has inked an MoU to invest ₹250 crore in the diamond sector providing jobs to 400 people at a project in Savli in Vadodara district. The project will begin from 2023, a state government announcement on MoUs said here Monday.
In the third tranche of MoU signing on Monday, 12 MoUs were signed by the companies, committing to total investments of ₹14,165 crore and providing jobs to total 24,530 people.
Multi-business chemicals major SRF Limited committed maximum investments at ₹7,500 crore with jobs for 5,000 people. The projects in the chemicals space at Dahej PCPIR will take off in three years.
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Mohal Lalbhai-promoted Matter Motor Works signed MoUs for EV two-wheeler project and a project for battery storage infrastructure with an investment of ₹1,500 crore. The EV start-up set up in 2019 will provide employment to 4,000 people in Gandhiangar. The two projects will start by 2022.
Other big investments committed included Welspun Metalics Limited for ₹1,000 crore towards raw iron production and other castings products to be set up in Anjar in Kutch.
Chemicals player Jay Chemicals Industries Pvt Limited will set up a project for dyes production with an investment of ₹1,000 crore providing jobs to 280 people. The project will start by 2023 in Bharuch district.
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Other projects included that of NR Agarwal Industries Limited for ₹650 crore towards paperboard and paper products, Valiant Organics Limited for chemical products with an investment of ₹500 crore and Noble Hygiene Pvt Limited for production of diaper and sanitary napkins with an investment of ₹170 crore.
Notably, earlier in the past two weeks, the Gujarat government had signed 32 MoUs for investments worth ₹38,190 crore with collective employment generation for 65,430. As a weekly feature, Gujarat government announces the MoUs signed by companies giving investment commitment.
Chief Minister Bhupendra Patel had earlier conducted roadshows for the Vibrant Gujarat Summit in New Delhi and Mumbai, inviting companies to participate in the Summit and invest in the State.